Q4 (25 marks) Jan 2, Year 1 Albert, Bill, Charlie formed a partnership by signing an agreement that stated that all profits would be shared 2:3:5 ratio and by making the following investments: Cash Accounts Receivable (net) Office Furniture (net) Vehicles (net) Dec 31, Year 1 June 7, Year 2 Albert Bill 12,000 20,000 8,000 14,500 0 21,000 38,500 Charlie 14,000 60,000 15,000 0 The partnership reported net income of $53,500 for the year. Albert and Charlie agreed that Bill could sell his share of the partnership to Doug for $75,000. The new partners agreed to keep the same profit- sharing arrangement (2:3:5 for Albert, Doug, Charlie) Dec 31, Year 2 The partnership reported a loss of $67,000 for the year. Jan 3, Year 3 The partnership agreed to liquidate the partnership. On this date the balance sheet showed the following items with all accounts having their normal balances: Cash Accounts Receivable Allowance for uncollectible accounts Office Furniture Vehicles Accumulated amortization (total) Accounts Payable The assets were sold for the following amounts: Accounts receivable Office Furniture Vehicles Albert and Doug both have personal assets, but Charlie does not. Required Journalize all the transactions for the partnership. General Journal 17,500 316,000 22,500 74,500 240,000 49,500 386,500 200,000 75,000 100,000