Learning Objectives 3, 6 2. Buxton, Capital Bal. $25,625 P12-37B Allocating profits and losses to the partners, accounting for the liquidation of a partnership ABC is a partnership owned by Adams, Buxton, and Carlson, who share profits and losses in the ratio of 3:1:4, respectively. The account balances of the partnership at June 30 follow: ABC Adjusted Trial Balance June 30, 2018 Credit Balance Debit $ 25,000 114,000 $ 30,000 25,000 45,000 55,000 Account Title Cash Non-cash Assets Notes Payable Adams, Capital Buxton, Capital Carlson, Capital Adams, Withdrawals Buxton, Withdrawals Carlson, Withdrawals Service Revenue Salaries Expense Rent Expense Total 12,000 29,000 52,000 163,000 68,000 18,000 $ 318,000 $318,000 Requirements 1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. 2. Open each partner's capital T-account with the adjusted balance, post the closing entries to their accounts, and determine each partner's ending capital balance. 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $116,000