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: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. 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 Receivable Accumulated Depreciation Cash Item Balances before liquidation $ Equipment 48600 32600 28000 $ 16800 Sale of noncash assets 59800 -28000 -48600 -16800 92400 Payment of liabilities -30200 62200 Allocation of cash -62200 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: Item Cash Balances before liquidation $32,600 Accounts Accumulated Accounts A. Hunt, K. Lally, D. Portman, Receivable Equipment Depreciation Payable Capital Capital Capital $28,000 $48,600 $16,800 $30,200 $42,100 $18,800 $1,300 The partners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. - Your answer is partially correct. 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 e.g. (45).) Accumulated Depreciation Accounts Payable 30200 A. Hunt, Capital 42100 K. Lally, Capital 188000 D. Portman, Capital 18600 16800 1300 18600 -16800 0 0 0 188000 30200 42100 1300 1300 -30200 - 42100 188000 1300 -42100 -188000 -1300 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.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization 76600 Accounts Receivable 28000 Equipment 48600 (To record realization of assets.) June 30 Accumulated Depreciation Equipment 16800 Loss on Realization 16800 (Payment on account.) June 30 A. Hunt Capital 42100 K. Lally, Capital 188000 D. Portman, Capital 1300 62200 Cash (To record final distribution to partners.) - Your answer is partially correct. 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 0 decimal places, e.g. 5,275.) Item Cash Accumulat $ Accounts Receivable $ 28000 Balances before liquidation 32600 Equipment 48600 $ Sales of noncash assets and loss on sale of assets 45000 -28000 -48600 77600 Payment of liabilities -30200 III O 47400 Payment of deficiency Il Mio Allocation of cash -47400 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 O decimal places, e.g. 5,275.) Accumulated Depreciation Accounts Payable A. Hunt, Capital K. Lally, Capital D. Portman, Capital 16800 30200 42100 188000 1300 -16800 0 -7400 -4440 -2960 30200 34700 14360 -1660 -30200 34700 14360 -1660 -34700 -14360 1660 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 decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation June 30 loss on Realization 76600 Accounts Receivable 28000 Equipment 48600 Accumulated Depreciation Equipment 16800 Loss on Realization 16800 (To record realization of assets.) 30 Loss on Realization 14800 A. Hunt Capital 7400 K. Lally, Capital 4440 D. Portman, Capital 2960 (To allocate loss on realization.) Accounts Payable 30 30200 Cash 30200 (Payment on account.) 30 Cash 1660 1660 D. Portman, Capital (Invest cash in business.) A. Hunt Capital 30 34700 ] | | 14360 Accumulated Depreciation-Equipment 16800 16800 Loss on Realization (To record realization of assets.) Loss on Realization 30 14800 A. Hunt Capital 7400 K. Lally, Capital 4440 D. Portman, Capital 2960 (To allocate loss on realization.) 30 Accounts Payable 30200 30200 Cash (Payment on account.) 30 Cash 1660 D. Portman, Capital 1660 (Invest cash in business.) 30 A. Hunt Capital 34700 K. Lally, Capital 14360 49060 Cash (To record final distribution to partners.) 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 O decimal places, e.g. 5,275.) Item Cash Accounts Receivable Accumul Equipment 48600 Balances before liquidation 32600 $ 28000 Sales of noncash assets and loss on sale of assets 45000 -28000 -48600 77600 Payment of liabilities -30200 47400 Transfer of deficiency Allocation of cash 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 eg. (45). Round answers to O decimal places, e.g. 5,275.) A. Hunt, Capital K. Lally, Capital D. Portman, Capital Accumulated Depreciation 16800 $ Accounts Payable 30200 $ 42100 $ 188000 $ 1300 -16800 -7400 -4440 -2960 30200 34700 14360 -1660 34700 0 -30200 0 34700 14360 -1660 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 0 decimal places, e.g. 5,275.) Debit Credit Date Account Titles and Explanation June 30 Loss on Realization Accounts Receivable Equipment Accumulated Depreciation Equipment Loss on Realization (To record realization of assets.) 30 Loss on Realization A. Hunt Capital D. Portman, Capital K.Lally, Capital (To allocate loss on realization.) Accounts Payable Cash (Payment on account.) A. Hunt Capital D. Portman, Capital Cash (To reallocate capital balances.) (To reallocate capital balances.) 30 D. Portman, Capital A. Hunt Capital Cash (To record final distribution to partners.)