Statement of Partnership Uquidation After the accounts are closed on April 10, prior to liquidating the partherehip, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are 545,600,58,200, and $35,400, respectively. Cash and noncash assets total $12,400 and 589,500 , respectivelv. Amiounts owed to creditors total \$12,600. The parthers share income and losses in the ratio of 1:1:2. Between April 10. and April 30, the noncash assets are sold for \$47,500, the parther with the capital deficiency pays the deficiency to the oarthership, and the-labilities are paid, Required: 1. Prepare a statement of parthership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilites, (c) the receigt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (baiance defidencies, paymente, cash distritutions, divisions of losb, iale of assets) as negative numbers using a minus :ign. If there is no amount of an amount is zero, enter " 0 "'. Instructions Vanessa Kiaiser and Mariah Newman decide to form a pathershap by corrbining the assets af their separate businesses. Kaiser contrbutes the following assets to the parinerthip cash, 524,560 , accounte receivable with a lace amount of $161,390 and an allowance for doubttul accounts of 54.490 , merchandse inventory With a cost of 584,060 , and equipment with a cost of $137,590 and iccumutated depreciation of 545,680 The partners agree that 56,080 of the accounts recenable are completely vrorthless and are not to be accepted by the partherthip. that 54 . 6a0 is a reasonable alowance for the uncollectionty of the remaining accounts, that the merchandise inventory is fo be recorded at the current market price of 599.950 . and that the equipment is to be vatued at $89,040 Oo December 1. ,oumalize the parthership's entyy to record kaiser investment. Refer to thie chart of occourts for mele exact wording of the Required: account tifles CNOW journats do not ute lines forjournat expianations Every ine on a journay page is uped for debif of credi entries CNOW Joumats wili automaficafy indent a credt entry whon a credit amount is entered Statement of Partnership Uquidation After the accounts are closed on April 10, prior to liquidating the partherehip, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard are 545,600,58,200, and $35,400, respectively. Cash and noncash assets total $12,400 and 589,500 , respectivelv. Amiounts owed to creditors total \$12,600. The parthers share income and losses in the ratio of 1:1:2. Between April 10. and April 30, the noncash assets are sold for \$47,500, the parther with the capital deficiency pays the deficiency to the oarthership, and the-labilities are paid, Required: 1. Prepare a statement of parthership liquidation, indicating (a) the sale of assets and division of loss, (b) the payment of liabilites, (c) the receigt of the deficiency (from the appropriate partner), and (d) the distribution of cash. Enter any subtractions (baiance defidencies, paymente, cash distritutions, divisions of losb, iale of assets) as negative numbers using a minus :ign. If there is no amount of an amount is zero, enter " 0 "'. Instructions Vanessa Kiaiser and Mariah Newman decide to form a pathershap by corrbining the assets af their separate businesses. Kaiser contrbutes the following assets to the parinerthip cash, 524,560 , accounte receivable with a lace amount of $161,390 and an allowance for doubttul accounts of 54.490 , merchandse inventory With a cost of 584,060 , and equipment with a cost of $137,590 and iccumutated depreciation of 545,680 The partners agree that 56,080 of the accounts recenable are completely vrorthless and are not to be accepted by the partherthip. that 54 . 6a0 is a reasonable alowance for the uncollectionty of the remaining accounts, that the merchandise inventory is fo be recorded at the current market price of 599.950 . and that the equipment is to be vatued at $89,040 Oo December 1. ,oumalize the parthership's entyy to record kaiser investment. Refer to thie chart of occourts for mele exact wording of the Required: account tifles CNOW journats do not ute lines forjournat expianations Every ine on a journay page is uped for debif of credi entries CNOW Joumats wili automaficafy indent a credt entry whon a credit amount is entered