Hello, I need help completing Part 7 (Prepare the journal entries to record the liquidation). I'll attach all of my work. Thanks.

Partnership A, B, and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended December 31, 2019. C The partnership's trial balance is shown on the "2019 Tr. Bal." page (see tab below). 'Salary expenses' listed on the trial balance are each partners' withdrawals for the year. Partnership profits are allocated based first on salaries, then on interest on opening capital balances, then on a fixed ratio. Salary allocation amounts are: A $100,000 B $100,000 $160,000 Opening capital balances are: A $70,000 B $60,000 $70,000 Interest rate is: 5% The fixed ratio is: A B Required 1 Prepare year-end adjusting entries. No descriptions are necessary. 2 Allocate partnership profit or loss to each partner. Prepare the necessary adjusting entry. 3 Post the adjusting entries and complete the trial balance. 4 Prepare an income statement and statement of partners' capital for the year ended December 31, 2019 and a balance sheet at December 31. Part B (2020) a a. On December 31, 2020 new partner D invests other assets into the partnership for a one- quarter ownership interest. An equal amount of capital is contributed by A, B, and C to make up the difference. At December 31, 2020, the partners' capital balances are as follows: $200,000 180,000 190,000 $570,000 A B Fair value of other assets from D $50,000 b. Immediately after this, partner C withdraws om the partnership. She is paid balance in her capital account plus a bonus, contributed equally from the capital balances of A, B, and D. Bonus paid to C $ 18,000 Required 5 Prepare necessary adjusting entries at December 31, 2020 to record the admission of partner D and the withdrawal of partner C. Show all calculations. Part C (2021 and 2022) The trial balance of A, B, and D at December 31, 2021 after all adjustments have been made is as follows: Adjusted Balances Account Title Debit Credit Cash 83,000 Other Assets 80,000 Accounts Payable 140,000 A, Capital 7,000 B, Capital 7,000 C, Capital 9,000 163,000 163,000 On January 1, 2022 the partnership is liquidated. Other assets are sold for: $144,000 Gains and losses are liquidated in a ratio of: 2 A B 3 D 5 Required 6 Print out the "Part. Liqu." page (see tab below). Complete the schedule. Assume any partner deficiency (debit balance) is repaid with cash by the applicable partner. 7 Prepare the journal entries to record the liquidation. B C Total $200,000 (360,000) (160,000) $100,000 $100,000 Amount of profit Salary allocation Balance Interest allocation: $160,000 Opening cap. Rate A 5% 3,500 $70,000 $60,000 $70,000 3,000 5% 5% 3,500 10,000 (150,000) Balance Fixed ratio allocation A B ($30,000) ($150,000) ($150,000) ($150,000) 20% 30% 50% ($45,000) ($75,000) (150,000) $0 ***this needs to be so Balance Allocated to partners $73,500 $58,000 $88,500 input values Hit F9 to update formulas (or set your formulas to automatically update) A, B, and C GENERAL JOURNAL Description Debit Credit a. 31-Dec A, Withdrawals B, Withdrawals C, Withdrawals 110,000 140,000 150,000 Salaries A Salaries B Salaries C To Reallocate Withdrawals 110,000 140,000 150,000 b. 31-Dec 500,000 Fees Revenue Office Expenses Income Summary To Close Income and Expense Accounts 300,000 200,000 C. 31-Dec 200,000 Income Summary A, Capital B, Capital C, Capital To Allocate Profit Per Partner Per The Schedule 73,500 58,000 88,500 A, B, and c Trial Balance At December 31, 2019 Adjusting Entries Debit Credit # # Unadjusted Balances Debit Credit 90,000 300,000 50,000 160,000 73,500 Adjusted Balances Debit Credit 90,000 300,000 50,000 233,500 110,000 238,000 140,000 288,500 150,000 0 110,000 180,000 58,000 Account Title Cash Accounts Receivable Accounts Payable A, Capital A, Withdrawals B, Capital B, Withdrawals C, Capital C, Withdrawals Income Summary Fees Revenue Office Expense Salaries Expense - A Salaries Expense - B Salaries Expense - C 140,000 200,000 88,500 150,000 200,000 500,000 200,000 500,000 0 010 300,000 110,000 140,000 150,000 1,090,000 300,000 110,000 140,000 150,000 1,120,000 0 0 790,000 1,090,000 1,100,000 810,000 input values Hit F9 to update formulas (or set your formulas to automatically update) A, B, and C Income Statement For the Year Ended December 31, 2019 500,000 Fees Revenue Office Expense 300,000 Partnership Profit $200,000 A, B, and C Statement of Partners' Capital For the Year Ended December 31, 2019 Bal, at Jan 1, 2019 Partnership Profit Withdrawals A $160,000 $73,500 ($110,000) B $180,000 $58,000 ($140,000) C $200,000 $88,500 ($150,000) Total $540,000 $220,000 ($400,000) Bal. at Dec. 31, 2019 $123,500 $98,000 $138,500 $360,000 A, B, and C Balance Sheet At December 31, 2019 Liabilities Assets Cash Accounts Receivable Accounts Payable $50,000 $90,000 $300,000 c. U Partners' Equity $123,500 $98,000 $138,500 B 360,000 $410,000 A, B, and D Statement of Partnership Liquidation For the Day Ending January 1, 2022 Accounts payable Cash Other assets Partners' capital A B D 140,000 7,000 7,000 9,000 83,000 144,000 80,000 -80,000 Opening balance Sale of other assets Allocation of gain (loss) Amount A 64,000 B 64,000 D 64,000 Ratio 2 12800 3 19200 5 32000 Balances 0 19,800 26,200 41,000 227,000 -140,000 87,000 140,000 -140,000 0 19,800 26,200 41,000 Payment Liabilities Balances Repayment of Debt Balances 0 0 0 0 26,200 87,000 -87,000 19,800 -19,800 41,000 -41,000 Distribution of Cash -26,200 Balances 0 0 0 0