Question 4 (allow about 25 minutes) (25 marks) Following a local scandal, the owners of Central Coast Hardware decide to liquidate the business due to a dramatic fall in sales. The partners of the business, Smith, Warner and Bancroft, provide the following statement of financial position: Central Coast Hardware Statement of Financial Position As at 27 March 2018 ASSETS Cash 87 000 Non-cash assets 615 000 LIABILITIES AND EQUITY Accounts Payable 62 500 Bank Loan 200 000 B. Smith, Capital 285 000 B. Warner, Capital 102 000 B. Bancroft, Capital 52 500 Total liabilities and equity 702 000 Total assets 702 000 The partners share profit or losses 5:3:2_Both Warner and Bancroft have been declared bankrupt and will not be able to contribute to any capital deficiency should it arise due to the liquidation. Required: Provide the journal entries necessary to record the liquidation process assuming the non-cash assets were sold for $287 000. Narrations / explanations are not required. Clearly show any supporting calculations. (25 marks)