Question 3 (allow about 25 minutes) (25 marks) In late June 2022, the Byron Bay Bookstore lost a court case, which imposed a judgement against the business of $90 000. Given the poor future prospects of the business, the partners decided to liquidate the business. The partners will settle the legal judgement from their personal resources following the liquidation of the business. The statement of financial position, not including the liability for the court case, is as follows: Byron Bay Bookstore Statement of Financial Position 14 June 2022 ASSETS Cash 70 000 47 500 Accounts Receivable Allowance for bad debts Inventory PPE Assets Accum. Depo - PPE Assets Total assets (2 500) 70 000 42 500 (25 000) 202 500 LIABILITIES AND EQUITY Accounts Payable 60 000 Wages Payable 5 000 Notes Payable 35 000 C. Hemsworth, Capital 62 500 B. Lee, Capital 28 000 B. Thor, Capital 12 000 Total liabilities and equity 202 500 The partners share profits Hemsworth 65%, Lee 25% and Thor 10%. The process of liquidation resulted in: 1. Total proceeds of $150 000 were received from the sale of non-cash assets 2. Liabilities being paid in full 3. The remaining cash being paid to each partner with a credit balance Required: Provide all of the entries to record the liquidation process. Narrations / explanations are not required. Clearly show any workings in the space provided below