Instructions On November 1, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership. The partners respectively. The cash balance is $32,140, the book values of noncash assets total $127,110, and liabilitiest ratio of 2:2:1. Required: 1. Prepare a statement of partnership liquidation, covering the period November 1-30, for each of the fo a. All of the noncash assets are sold for $154,650 in cash, the creditors are paid, and the remainingc b. All of the noncash assets are sold for $54, 240 in cash, the creditors are paid, the partner with the d owed to the firm, and the remaining cash is distributed to the partners." Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices which you must enter subtracted or negative numbers (balance deficiencies, payments, cash distr sign. If there is no amount to be reported for sale of assets, payment of liabilties receipt of deficiern can be left blank However in the balance rows, a balance of zero MUST be indicated by entering 2. Assume the partner with the capital deficiency in part (b) declares bankruptcy and is unable to pay the de Nov 30 to (a) allocate the partners deficiency and (b) distribute the remaining cash Refer to the Chart o els and Amount Descriptions berg decided to liquidate their partnership. The partners have capital balances of $57,530, $72,050, and $9,960, values of noncash assets total $127,110, and liabilities total $19,710. The partners share income and losses in th on, covering the period November 1-30, for each of the following independent assumptions: 54,650 in cash, the creditors are paid, and the remaining cash is distributed to the partners." 4,240 in cash, the creditors are paid, the partner with the debit capital balance pays the amount h is distributed to the partners." unt Descriptions for the exact wording of the answer choices for text entres. For those boxes in egative numbers (bala ted for sale of assets, payment of liabilities, receipt of deficiency, or cash distribution rows, the cell lance rows, a balance of zero MUST be indicated by entering "O1 nce deficiencies, payments, cash distributions, divisions of loss), use a minus lares hankTuRY and is unable to pay the deficiency. Jounalize the entries on