Statement of Partnership Liquidation After the accounts are closed on Apr 10, prior to liquidating the partnership, the capital accounts of Zach Parched, Austin Lones, and Amber Howard are 530,200, 45,400, and $22,000, respectively. Cash and noncash assets total 58.000 550,000, respectively. Amounts owed to creditors total $8,400. The partners share income and losses in the rate of 11:2. Between April 10 and Aprit 30, the moncash assets are sold for $31,200, the partner with the capital deficiency pays the deficiency to the partners, and the abilities are paid Required: 1. Prepare a statement of partnership liquidation, Indicating (a) the stie of assets and division of loss, the swyment of liabilities, c) the receipt of the deficiency chrom the appropriate partner) and (d) the distribution of cash Enter any subtractions (balance duriciencies, payments, Cath distributions, divisions of loss, sale of assets) as negative numbers uitg a minus sign. If there is no amount or an amount is zero, entero Sutament of Partnership Liquidation For the Period A10-30 Capital honch Assets Llatilities Fairchild (1/4) Lowes (1/4) Howard Balances before realization 8,000 Sale of assets and division of loss 31,200 Balances after realization amount is zero, enter"0" Fairchild, Lowen, and award Statement of Partnership Liquidation For the Period April 10-30 Capital Cash Noncash Assets Liabilities + Fairchild (1/4) - Lawes (1/4) + Howard 12/4) Balances before realization 8,000 Sale of assets and division of loss 31,200 Balances after realization 0 Payment of liabilities Balances after paymen liabilities Receipt of deficiency 0 Balances 0 0 0 Cash distributed to partners 0 0 0 0 Final balances 2. Assume that the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency. If an amount box does not require an entry, leave it blank. Account Debit Credit Zach Fairchild, Capital Amber Howard, Capital Austin Lowes, Capital b. Journalize the entry to distribute the remaining cash. If an amount box does not require an entry, leave it blank. Account Debit Credit Zach Fairchild, Capital Amber Howard, Capital Cash