Instructions After the accounts are closed on February 3, prior to liquidating the partnership, the capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,580, $4,020, and $22,460, respectively. Cash and noncash assets total $4,980 and $55,980, respectively. Amounts owed to creditors total $14,900. The partners share income and losses in the ratio of 2:1:1. Between February 3 and February 28, the noncash assets are sold for $36,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid Required: 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distributions, divisions of loss), use a minus sign. If there is no amount to be reported for items (a)-(d), the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0" 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency Journalize the entries on Feb. 28 to (a) allocate the partner's deficiency and (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of account titles Statement of Partnership Liquidation must enter subtracted or negative numbers (parance denciencies, payments, cash disiniousons, divisions or loss), use a minus sign in there is no amount to be reponed or ems (a) (d), the cell can be left blank. However, in the balance rows, a balance of zero MUST be indicated by entering "0" Balances Gerloff, Chu, and Jewett Statement of Partnership Liquidation (Label) Cash+ Noncash Assets Liabilities+ Capital, Gerloff (2/4)+ Capital, Chu (1/4)+ Capital, Jewett (1/4) 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Feb. 28 to (a) allocate the partner's deficiend (b) distribute the remaining cash. Refer to the Chart of Accounts for exact wording of account titles. S DATE DESCRIPTION JOURNAL PAGE 10 ACCOUNTING EQUATION POST REF DEBIT CREDIT ASSETS LIABILITIES EQUITY