[Feel free to rip off this page. Keep in mind that this page must still be turned in with your exam.] Liquidation Charts. After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following: Cash Noncash Assets Liabilities Anna, Capital Brian, Capital Cole, Capital $ 7,500 105,000 $ 27,500 45,000 15,000 25.000 $112.500 $112.500 The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for $150,000, the liabilities were paid, and the remaining cash was distributed to the partners. (a) Prepare a statement of partnership liquidation. (b) Assume the same facts as in (a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership. Prepare a statement of partnership liquidation.