Required information QS 12-13 (Static) Liquidation of partnership LO P5 [The following information applies to the questions displayed below.) The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. On May 31, the liquidation resulted in a loss of $405,000. QS 12-13 (Static) 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 other partners and (b) to record the final disbursement of cash to the partners. View transaction list Journal entry worksheet Record the transfer of the deficit to the other partner(s). 3. Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries (a) to transfer the deficit to the other partners and (b) to record the final disbursement of cash to the partners. View transaction list Journal entry worksheet Record the disbursement of the remaining cash to the partner(s). Note: Enter debits before credits. Transaction General Journal Debit Credit (b)