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Hello, I want the answers of question c and d. I don't want a and b because I have those one already. thank you Liquidation
Hello, I want the answers of question c and d. I don't want a and b because I have those one already. thank you Liquidation of a Partnership Pam Hinds, Bob Jones, and Greg Nelson plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Hinds, Jones, and Nelson Balance Sheet June 30, 2021 Assets Liabilities and Owners' Equity Cash $55,000 Mortgage Payable $104,300 Computers 20,000 Pam Hinds, Capital 61,000 Land. 341,000 Bob Jones, Capital 160,700 Greg Nelson, Capital 90,000 Total Assets $416,000 Total Liabilities & Owners' Equity $416,000 I Required Under the following independent assumptions, assume that the "Non-Cash Assets" are sold and the cash is distributed to the proper parties on July 1, give the journal entries for the sale, the loss or gain allocations, the payment of the liability, and the distributions if: a) The "Non-Cash Assets" were sold for $390,000 b) The "Non-Cash Assets" were sold for $300,000 c) The "Non-Cash Assets" were sold for $170,000, and any partners with a resulting deficits can and do pay the amount of their deficits. d) The "Non-Cash Assets" were sold for $170,000, and the partners with deficits have no assets other than those invested in the business e) Prepare a Schedule of Cash Payments for requirements (b) and (c)
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