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 $28,800 Torres 66,700 Hearst 41,500 Total $137,000 In winding up operations during the month of August, noncash assets with a book value of $180,300 are sold for $223,600, and liabilities of $59,800 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $16,500. 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". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 Member Member Member Equity Equity Equity Lester (2/5) + Torres (2/5) + Hearst (1/5) Noncash Assets = Liabilities + Cash + 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 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. Statement of Partnership Liquidation After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Silver, Carillo, and Tingley are $31,800, $45,300, and $20,100, respectively. Cash, noncash assets, and liabilities total $51,300, $83,700, and $37,800, respectively. Between July 1 and July 29, the noncash assets are sold for $66,900, the liabilities are paid, and the remaining cash is distributed to the partners. The partners share net income and loss in the ratio of 3:2:1. Prepare a statement of partnership liquidation for the period July 1-29. 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 in "O". Silver, Carillo, and Tingley Statement of Partnership Liquidation For the Period Ending July 1-29 Cash + Noncash Assets = Liabilities + Silver (3/6) + Carillo (2/6) + Tingley (1/6) Balances before realization 31,800 45,300 20,100 Sale of assets and division of loss Balances after realization $ $ $ Payment of liabilities Balances after payment of liabilities $ $ $ Cash distributed to partners Final balances