Partnership Liquidation: A, B and C are partners sharing profits and losses in the ratio of 60%,30% and 10%. They decided to liquidate their business. The balance Sheet on the date of liquidation was as follows: Cash 20,000 Receivables 40,000 Other current assets 20,000 Machinery 80,000 Equipments 50,000 Land and building 300,000 Liabilities 150,000 Capital Account balances: 200,000 124,000 36,000 C had become insolvent and was unable to pay towards any of his partnership debts. The assets and liabilities were realized as follows: a. Receivables paid only 50% of their dues. b. Other current assets were sold for $15,000 C. Machinery and equipments were sold at their market values of $30,000 and $20,000 respectively. d. Land was sold at the book value of $70,000 but Building yielded 40% of the book values. e. All liabilities were paid off. Solvent partners paid their debit capital balances if any, in cash. f. The liquidation expenses amounted to $12,000 Reqd. 1. Show the statement of liquidation for the partnership. 2. Show necessary journal entries to record the liquidation of the business