Return to Blackboard Weygandt, Accounting Principles, 13e Help I System Announcemen Problem 12-03A a-c (Part Level Submission) (Video) The partners in Crane Company decide to liquidate the firm when the balance sheet shows the following. Crane Company Balance Sheet May 31, 2020 Assets Liabilities and $30,000 Notes payable Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment $13,700 27,200 4,000 32,600 23,100 3,000 $103,600 24,200 Accounts payable (1,200) Salaries and wages payable 34,600 A. Jamison, capital 21,200 S. Moyer, capital (S,200) P. Roper, capital $103,600 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. 1. A total of $50,600 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. P. Roper paid his capital deficiency. s. Cash was paid to the partners with credit balances. Prepare the entries to record the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent man Credit Debit No. Account Titles and Explanation ent Prepare the entries to record the transactions. (Credit account titles are on 1. 2. 3. on) 2. 3. 4. 5. Open Show Click if you would like to Show Work for this