Problem 12-03A a-c (Video) The partners in Blossom Company decide to liquidate the firm when the balance sheet shows the following. Blossom Company Balance Sheet May 31, 2020 Assets Lities and Owners' Equity $28,000 Notes payable Accounts receivable 24,000 Accounts patte Allowance for det (1,000) Salaries and wages payable 3.500 Inventory 34.000 A , Equipment Accumulated depreciation comment (5.000) Rope $100,000 $100,000 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 $54,750 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. Cash was paid to the partners with credit balances. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) CALAR BAR LINK TO THE Post to the cash and capital accounts. (Post entries in the order of journal entries presented in the previous part. If ending balance is O enter in the column for the normal balance for the account.) S. Moyer, Capital A. Jamison, Capital P. Roper, Capital LINEET Assume that Roper is unable to pay the capital deficiency. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (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. Crede 1 2 Question Attempts Unlimited E POR LATER SUBMIT