The Friendly Partnership ceased operations on May 6, 20Y5, and prepared the following simplified trial balance. Upon liquidation on May 25, 20Y5, the noncash assets were sold for $27,900. If the partnership agreement states that, the partners, Beth Friend and Lily Friend, share income according to a 4:1 ratio,

a) Prepare the statement of partnership liquidation.

Prepared Journal entries

The Friendly Partnership
Post-Closing Trial Balance
May 6, 20Y5
	Debit Balances	Credit Balances
Cash	48,300
Noncash Assets	21,650
Liabilities		15,900
Beth Friend, Capital		25,700
Lily Friend, Capital		28,350
	$69,950	$69,950