P 12-7 The balance sheet of A, B, and C Partnership is shown below. The partnership has decided to liquidate. The general ledger shows the following balances on March 1, 2019: S 10,000 125,000 10,000 25,000 37,500 62,500 Cash Other assets Accounts payable A, capital B, capital C, capital Proceeds from the sale of non-cash assets during March were $42,500 Required 1. Prepare a statement of partnership liquidation for the month ending March 31, 2019. Assume profits and losses are shared equally and that any capital deficiency is absorbed by the other partners Prepare the journal entries to record the dissolution. Dates are not required. 2. P 12-7 The balance sheet of A, B, and C Partnership is shown below. The partnership has decided to liquidate. The general ledger shows the following balances on March 1, 2019: S 10,000 125,000 10,000 25,000 37,500 62,500 Cash Other assets Accounts payable A, capital B, capital C, capital Proceeds from the sale of non-cash assets during March were $42,500 Required 1. Prepare a statement of partnership liquidation for the month ending March 31, 2019. Assume profits and losses are shared equally and that any capital deficiency is absorbed by the other partners Prepare the journal entries to record the dissolution. Dates are not required. 2