Statement of Psrtnershy Liguidation Afer the accounts are dosed on April 10, prior to liquldating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber Howard ace $26,200,$4,800, and $19,700, respectively. Cash and noncash assets total $6,600 and $51,100, respectively, Amounts owed to creditors total $7,200, 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 527,100 , the parther with the capital deficency pays the deficiency to the partnership, and the liabilities are paid. Required: 1. Prepore a statement of parthership liauidation, indicating (a) the sale of assets and division of loss, (b) the payment of ilabilities, (c) the receipt af the defioency (from the oppropriate partner), and (d) the distribution of cash. Enter any subtractions (balance deficiencies, payments, cash distributions, divitions of loss, sale of assets) as nepatuve numbers using a minus nign. if there is no ambunt or an amount is zero, enter " 0 ". Fairchild, Lowes, and Howard Statement of Partnership Liquidation For Period April 10-30 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 partnor's deficiency. If an amount box does not require an entry, leave it blank. b. Journalue the entry to distribute the remaining cash, If an amount box does not require an entry, lesve it blank