Part Ill, Resolve the following exercise (25 points) The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner will cover it with his personal funds.) Instructions Using the above information, complete the Schedule of Cash Payments. (a) The sale of noncash assets. (b) The allocation of the gain or loss on liquidation to the partners. (c) Payment of creditors. (d) Distribution of cash to the partners. Part IIL, Resolve the following exercise (25 points) the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner will cover it with his personal funds.) Instructions Using the above information, complete the Schedule of Cash Payments. (a) The sale of noncash assets. (b) The allocation of the gain or loss on liquidation to the partners. (c) Payment of creditors. (d) Distribution of cash to the partners. Part IIL, Resolve the following exercise (25 points) The ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner will cover it with his personal funds.) Instructions Using the above information, complete the Schedule of Cash Payments. Instructions Using the above information, complete the Schedule of Cash Payments below: ABC PARTNERSHIP Schedule of Cash Payments Coco Cash + Assets = Liabilities + Capital + Capital + Capital liquidation 25,000 150,00050,000 25,000 35,000 65,000 Noncash Alexa Bitsy Item Balances before