Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester $10,400 Torres 24,100 Hearst 15,000 Total $49,500 In winding up operations during the month of August, noncash assets with a book value of satisfied. Prior to realization, Arcadia Sales has a cash balance of $5,600. 55,200 are sold for $80,800, and liabilities of $21,300 are a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter "0". Noncash Assets = Liabilities + Equity Equity Equity Lester (2/5) + Torres (2/5) + Hearst (1/5) Cash + Balances before realization Sale of assets and division of gain Balances after realization Payment of liabilities Balances after payment of liabilities 69 Distribution of cash to members DI Final balances b. Provide the journal entry for the final cash distribution to members. If an amount box does not require an entry, leave it blank. C. What is the role of the income- and loss-sharing ratio in liquidating an LLC? The income- and loss-sharing ratio is only used to distribution on the realization of asset sales. It used for the final