PARTNERSHIP PART C NOTE: CONSIDER THIS PART INDEPENDENT OF PARTNERSHIP PARTS A AND B On 31 December 2019, Mario, Luigi and Toad decide to liquidate the partnership. The ledger accounts have the following balances after closing entries: Cash at bank $178000 $110500 $357000 Non-Cash Assets Total Liabilities Mario, Capital Luigi, Capital Toad, Capital Total Liabilities and Equity $61000 $134000 $94500 $467500 Total Assets $467500 Luigi, Capital Toad, Capital $467500 Total Liabilities and Equity $134000 $94500 $467500 Total Assets Additional Information i. The partnership agreement allocates profits to Mario, Luigi and Toad in the ratio of 6:2:2. ii. The non-cash assets were sold in a single transaction for $497000 on 31 December 2019, and the partnership settled the liabilities on the same day. iii. Any partner with a capital deficiency in their capital balance will contribute cash to cover their deficiency. Required: Fill out the general journal entries below to record the liquidation of the partnership. PARTNERSHIP PART C NOTE: CONSIDER THIS PART INDEPENDENT OF PARTNERSHIP PARTS A AND B On 31 December 2019, Mario, Luigi and Toad decide to liquidate the partnership. The ledger accounts have the following balances after closing entries: Cash at bank $178000 $110500 $357000 Non-Cash Assets Total Liabilities Mario, Capital Luigi, Capital Toad, Capital Total Liabilities and Equity $61000 $134000 $94500 $467500 Total Assets $467500 Luigi, Capital Toad, Capital $467500 Total Liabilities and Equity $134000 $94500 $467500 Total Assets Additional Information i. The partnership agreement allocates profits to Mario, Luigi and Toad in the ratio of 6:2:2. ii. The non-cash assets were sold in a single transaction for $497000 on 31 December 2019, and the partnership settled the liabilities on the same day. iii. Any partner with a capital deficiency in their capital balance will contribute cash to cover their deficiency. Required: Fill out the general journal entries below to record the liquidation of the partnership