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Problem 3 - 25 points The SOD Partnership is to be liquidated when the ledger shows the following: Cash $ 150,000 Accounts Receivables 200,000 Investment 100,000 Inventory 150,000 Plant and Equipment 150,000 Liabilities 250,000 Orton, Capital 175,000 Decker, Capital 100,000 Small, Capital 125,000 Orton, Decker, and Small's income interest: 60%, 15% and 25%, respectively. Instructions Complete the liquidation process at May, 2016. a. Sold inventory for $75,000. b. Sold plant and equipment for $142,000 c. Sold investment for $73,000 d. Collect account receivables for $194,000. c. Paid liabilities. f. Paid liquidation expenses for $15,000. g. Distribution cash Problem 4 - 50 points Hope, Enjoy & Faith Inc. reports net income of $945,000. The partnership agreement provides for annual salaries: . Hope $ 25,000 Enjoy $ 20,000 Faith $ 15,000 The partnership agreement provides for interest allowances: Hope Enjoy $15,000 $12,000 Bonus for Enjoy of 10%. Use the formula. Any remaining income or loss is to be shared: Enjoy 45% Hope 15% Faith 30% The beginning capital for the partners Enjoy $132,000 Faith $190,000 Hope $100,000 During the 2016: Hope contribution additional investment in the partnership for $110,000 Enjoy withdrawals $14,000. Instructions 1. Prepare the schedule to distribution the net income 2. Prepare the statement of capital for the Hope, Enjoy and Faith Inc