PR 12-5A Statement of partnership liquidation After the accounts are closed on February 3, 2016, prior to liquidating the part capital accounts of William Gerloff, Joshua Chu, and Courtney Jewett are $19,300 and $22,300, respectively. Cash and noncash assets total $5,200 and $55,900, respe 0B).4 partnership, the are $19,300, $4,500, 900, respectively and losses in the ratio nershi , s4 owed to creditors total $15,000. The partners share income and losses s total $15,000. The partners share income and losses in the re Amounts of 2:1:1. Be $34300 artnership, and the tween February 3 and February 28, the noncash assets are sold for the partner with the capital deficiency pays the deficiency to the partnership, andho liabilities are paid. Instructions 1. Prepare a statement of partnership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilities, (c) the receipt of the deficiency (from the appropriate partner), and (d) the distribution of cash. 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. Journalize the entries to (a) allocate the partner's deficiency and (b) distribute the remaining cash