The partners in Crane Company decide to liquidate the firm when the balance sheet shows the following, Crane Company Balance Sheet May 31, 2020 Assets Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation equipment $29,500 25,000 (1,300) 34,300 20,200 (5,300) $102,400 Liabilities and Owners' Equity Notes payable $13,400 Accounts payable 26,800 Salaries and wages payable 4,500 A Jamison, capital 33,400 S. Moyer, capital 21,600 P. Roper, capital 2.700 $102,400 The partners share income and loss 5:3:2. During the process of liquidation, the following transactions were completed in the following sequence. A total of $52,200 was received from converting noncash assets into cash. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. P. Roper paid his capital deficiency. 5. Cash was paid to the partners with credit balances. 1. 2. Prepare the entries to record the transactions. (Credit account titles are au Debit No. Account Titles and Explanation Credit 1. 2. 8 3. Post to the cash and capital accounts. (Post entries in the order of journal entre Post to the cash and capital accounts. (Post entries in the o Cash S. Moyer, Capital A. Jamison, Capital P. Roper, Capital Assume that Roper is unable to pay the capital deficiency. (Cn (1) Prepare the entry to allocate Roper's debit balance to Jam Assume that Roper is unable to pay the capital deficiency. (Credit account titles a (1) Prepare the entry to allocate Roper's debit balance to Jamison and Moyer. (2) Prepare the entry to record the final distribution of cash. No. Account Titles and Explanation Debit Credit 1. 2. Iniciod