Problem #2 (44 points) The partners in Salmon Company decide to liquidate the firm when the balance sheet shows the following SALMON COMPANY Balance Sheet April 30, 2017 Cash $28,000, Notes payable $15,000, Accounts receivable 19,000, Accounts payable 24,000. Allowance for doubtful accounts (1,000) Salaries and wages 2,000, Inventory 28,000, Equipment 17,000, . Accumulated depreciation-equipment (10,000) Melton, capital 23,000, Peters, capital 11,200, Abbott, capital 4,800 The partners share income and loss 5:23. A total of $33,000 was received from converting noncash assets into cash Instructions (a) Prepare the entries to record the 4 steps of the liquidation. (b) Post to the cash and capital accounts. (b) If a partner ends up with a deficiency assume the partner will not invest additional cash. Note: Each step is worth 11 points