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 $17,900 Torres 41,300 Hearst 25,700 Total $84,900 In winding up operations during the month of August, noncash assets with a book value of $111,500 are sold for $138,400, and liabilities of $36,000 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $9,300. 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 "o". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 Member Member Member Equity Equity Noncash Equity Lester (2/5) + Torres (2/5)+ Hearst (1/5) Cash + Assets Liabilities + Balances before realization Sale of assets and division of gain 7888 Balances after realization Check My Work Cash Assets = Liabilities + Tester (2) TOTES 45 Tears (1/5 Balances before realization Sale of assets and division of gain Balances after realization Payment of liabilities Balances after payment of liabilities Distribution of cash to members ddiddo OLULU 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 on the realization of asset sales. It distribution used for the final Check My Work