Problem 11-9A Liquidation of a partnership LO5 eXcel CHECK FIGURES: a. Cash to Lui: $79,938; b. Cash to Lui: $68,625; c. Cash to Lui: $52,375; d. Cash to Lui: $46,000 Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Assets Cash.. Machinery. Less: Accumulated depreciation........ Total assets. Premium Pool and Spa Balance Sheet June 30, 2023 Account balances June 30, 2023. $588,750 137,500 S 68,750 451,250 $520,000 Liabilities Accounts payable. Cash Equity Jim Lui.. Kent Montavo, capital. Dave Johnson, capital.. Total equity.. Total liabilities and equity... S 76,250 200,875 112,500 Required Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties or June 30, 2023, complete the schedule provided below. $130,375 389,625 $520,000 Jim Dave Kent Montavo, Johnson, Machinery Accounts Lui, (net) Payable Capital Capital Capital Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above. a. The machinery is sold for $488,130. b. The machinery is sold for $375,000. sunday c. The machinery is sold for $212,500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187,500, and the partners have no assets other than those invested in the business.

Problem I1-9A Liquidation of a partnership LO5 excel CHECK FIGURES: a. Cash to Lut $79,938; b. Cash to Lut $68,625; c. Cash to Lul: $52,375; d. Cash to Lul: $46,000 LuL, Montavo, and Johnson plan to liquidate their Premium Fool and Spa business. They have always shared profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as followas Required Part 1 Under the assumption that the machinery is sold and the cash is distributed to the proper parties on june 30,2023 , complete the schedule provided below. Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: a. The machinery is sold for $488,130. b. The machinery is sold for $375,000. c. The machinery is sold for $212,500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187,500, and the partuers have no assets other than those invested in the business. art 2