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4:41 Q Aa P12.3A (LO 3) The partners in Crawford Company decide to liquidate the firm when the balance sheet shows the following Crawford Company Balance Sheet May 31, 2020 Assets Liabilities and Owners' Equity Cash $ 27,500 Notes $ 13,500 payable Accounts 25,000 Accounts 27,000 receivable payable Allowance (1,000) Salaries 4,000 for doubtful and accounts wages payable Inventory 34,500 A. 33,000 Jamison, capital Equipment 21,000 S. Moyer, 21,000 capital Accumulated (5,500). P. Roper, 3.000 depreciation capital 12-36 of 1404 4:41 iii Q Aan 10 Jamison, capital Equipment 21,000 S. Moyer, 21,000 capital Accumulated (5.500) P. Roper, 3,000 depreciation capital -equipment $101,500 $101,500 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $51,000 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. 12-36 of 1404 4:41 Aa 10 X Q Instructions a. Prepare the entries to record the transactions. a. Loss on realization $23,000 Cash paid: to Jamison $21,500; to Moyer $14,100 b. Post to the cash and capital accounts. C. Assume that Roper is unable to pay the capital deficiency. 1. Prepare the entry to allocate Roper's debit balance to Jamison and Moyer. 2. Prepare the entry to record the final distribution of cash. Journalize admission of a partner under different assumptions. 12-36 of 1404