P12-3A The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following. CRAWFORD COMPANY Balance Sheet May 31, 2017 Assets Liabilities and Owners' Equity Cash $ 27,500 Notes payable $ 13,500 Accounts receivable 25,000 Accounts payable 27,000 Allowance for doubtful accounts (1,000) Salaries and wages payable 4,000 Inventory 34,500 A. Jamison, capital 33,000 Equipment 21,000 S. Moyer, capital 21,000 Accumulated depreciation equipment (5,500) P. Roper, capital 3,000 $101,500 $101,500 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $51,000 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. Instructions (a) Prepare the entries to record the transactions. (b) Post to the cash and capital accounts. (c) Assume that Roper is unable to pay the capital deficiency. (1) Prepare the entry to allocate Roper's debit balance to Jamison and Moyer. (2) Prepare the entry to record the final distribution of cash