Question #1. Chelsea, Harold, and Ryan are liquidating their business. They share income and losses in a 1:2:3 ratio, respectively, and currently have capital balances of $30,000, $26,000, and $24,000, respectively. In addition, the partnership has $10,000 in cash, $30,000 in accounts payable, and $100,000 in noncash assets. Chelsea and Harold are personally solvent, but Ryan is not. Assuming that the noncash assets are sold for $40,000, prepare all liquidation entries in the journal provided without explanation.

Question #2. X, Y, and Z are partners who share profits and losses in a ratio of 1:2:3, respectively. Z's Capital account has a $60,000 balance. X and Y have agreed to let Z take $78,000 of the company's cash when he retires. Prepare an entry in journal form without explanation to record Z's exit, including the recognition of a bonus to Z

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