P-F:12-80A Allocating profits and losses to the partners, accounting for withdrawal of a partner, accounting for the liquidation of a partnership, and preparing partnership nancial statements LOT is a partnership owned by Long, Oliver, and Taker. The partners' prot-and-loss-sharing ratio is 2:2:1, respectively. The adjusted trial balance of the partnership at November 30, 2024, follows: LOT a Adjusted Trial Balance November 30, 2024 Balance Account Title Debit Credit Cash 1: 10,000 Merchandise Inventory 8,000 Building 225,000 Accumulated DepreciationBuilding $ 45,000 Accounts Payable 13,000 Mortgage Payable 60,000 Long, Capital 65,000 Oliver, Capital 45,000 Taker, Capital 60,000 Long, Withdrawals 10,000 Oliver, Withdrawals 10,000 Taker. Withdrawals 8,000 Sales Revenue 68,000 Cost of Goods Sold 48,000 Salaries Expense 27,000 Rent Expense 10,000 Total 5 356,000 5 356,000 Requirements 1. Prepare statement of partners\" equity for the month ended November 30, 2024. Use a separate column for each partner in the statement of partners' equity. Assume no new capital contributions during November. 2. Prepare the four closing entries for the month ended November 30, 2024. Taker decides to withdraw from the partnership on December 1 , 2024. Her settlement includes all the Merchandise Inventory and all of the Cash in exchange for her equity interest in the partnership. 4. Immediater after Taker's withdrawal, Long and Oliver decide to liquidate the partnership. They sell the building for $150,000. Then they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the protit-and-loss-sharing ratios remain the same. 9' Learning Objectives 2, 3, 5, 5 1. End. Bal. Oliver, Capital $28,200 12731