Fairchild, Lowes, and Howard Statement of Partnership Liquidation For the Period April 10-30 Capital Cash + Noncash Assets Liabilities +Fairchild (1/4)+Lowes (1/4) +Howard (2/4) Balances before realization Sale of assets and division of loss Balances after realization Payment of liabilities Balances after payment of liabilities Receipt of deficiency Balances Cash distributed to partners Final balances 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency a. Journalize the entry to allocate the partner's deficiency. For a compound transaction, if an amount box does not require an entry,leave it blank. Account Debit Credit b. Journalize the entry to distribute the remaining cash. For a compound transaction, if an amount box does not require an entry, leave it blank. Account Debit Credit