Statement of LLC Liquidation members' equity prior to liquidation and asset realization on August 1 are as follows: Lester $30,500 Torres 70,600 Hearst 43,900 Total $145,000 has a cash balance of $17,200. amount is zero, enter " 0 ". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 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 Member Member Member Equity Equity Equity Noncash Cash + Assets = Liabilities + Lester (2/5)+ Torres (2/5)+ Hearst (1/5) $$ $$ $ $ $ q $ $ b. Provide the journal entry for the final cash distribution to members. If an amount box does not require an entry, leave it blank. has a cash balance of $17,200. amount is zero, enter " 0 ". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 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 ? used for the final distribution