OBJ.4 After the accounts are closed on February 3, prior to liquidating the partnershin. capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300, $4 and $22,300, respectively. Cash and noncash assets total $5,200 and $55,900, respecti Amounts owed to creditors total $15,000. The partners share inco of 2:1:1. Between February 3 and February 28, the noncash assets are sold for s the partner with the capital deficiency pays the deficiency to the partnershi PR 12-5A Statement of partnership liquidation P, the $4,500 0 ivel me and losses in the ratio 300 liabilities are paid. ting for Partnerships and Limited Liability Companies 623 Instructions 1. Prepare a statement of partnership liquidation, indicating (a) the sale of a division of loss, (b) the payment of liabilities, (c) the receipt of the defi the appropriate partner), and (d) the distribution of cash sets and fromm 2. Assume that the partner with the capital to pay the deficiency. Journalize the entries to (a) allocate the partner's deficiency and deficiency declares bankruptcy and is unable (b) distribute the remaining cash