Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Item Cash Capital $1,300 Balances before liquidation $32.600 $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45).) Accounts Accumulated Accounts Item Cash Receivable Equipment Depreciation Payable Balances before liquidation $ 2$ Sale of noncash assets Payment of liabilities Allocation of cash Partners in Game Tech Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's accounts were as follows: Accumulated Accounts A. Hunt, K. Lally, D. Portman, Capital Accounts Item Cash Receivable Equipment Depreciation Payable Capital Capital $16,800 $1,300 Balances before liquidation $32,600 $28,000 $48,600 $30,200 $42,100 $18,800 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. Complete the schedule assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) K. Lally, Capital A. Hunt. Accounts Payable Accumulated D. Portman, Depreciation Capital Equipment Capital Prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $59,800, liabilities are paid, and the cash is distributed appropriately. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit June 30 (To record realization of assets.) June 30 (Payment on account.) June 30 (To record final distribution to partners.) eTextbook and Media Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.) Accumulated Depreciation Item Cash Accounts Receivable Equipment Accounts 2$ Balances before liquidation Sales of noncash assets and loss on sale of assets Payment of liabilities Payment of defficiency Allocation of cash eTextbook and Media Complete the schedule assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round answers to O decimal places, eg. 5,275.) D. Portman, Capital Accumulated Depreciation K. Lally, Capital ble Equipment Accounts Payable A. Hunt, Capital 2$ eTextbook and Media Prepare the journal entries assuming the assets were sold for $45,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit June 30 (To record realization of assets.) 30 (To allocate loss on realization.) 30 (Payment on account.) 30 (Invest cash in business.) 30 (Invest cash in business.) 30 (To record final distribution to partners.) eTextbook and Media Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.) Accumulated Depreciation Accounts Receivable Accounts Item Cash Equipment 2$ 2$ 2$ Balances before liquidation Sales of noncash assets and loss on sale of assets Payment of liabilities Transfer of deficiency Allocation of cash eTextbook and Media Complete the schedule assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round answers to 0 decimal places, e.g. 5,275.) Accumulated Depreciation Accounts Payable K. Lally, Capital D. Portman, Capital A. Hunt, Capital ble Equipment eTextbook and Media Prepare the journal entries assuming the assets were sold for $30,000, liabilities are paid, and any deficiencies will be absorbed by the other partners. Include the journal entries to record the distribution of cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit June 30 (To record realization of assets.) 30 (To allocate loss on realization.) 30 (Payment on account.) 30 (To reallocate capital balances.) (To reallocate capital balances.) 30 (To record final distribution to partners.) eTextbook and Media