Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Fieid, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Fleld, \$129,500; Brown, \$167,600; and \$now, \$155,800, On May 31, the liquidation resulted in a loss of $406,500. OS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the ther partners and (b) to record the final disbursement of cash to the parthers. Journal entry worksheet Record transfer of Field's deficit to the other partners. Required information QS 12-13 (Algo) Liquidation of partnership LO P5 [The following information applies to the questions displayed below] The Fieid, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Fleld, \$129,500; Brown, \$167,600; and \$now, \$155,800, On May 31, the liquidation resulted in a loss of $406,500. OS 12-13 (Algo) Part 3 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the ther partners and (b) to record the final disbursement of cash to the parthers. Journal entry worksheet Record transfer of Field's deficit to the other partners