The partners in Newman Company decide to liquidate the fi rm when the balance sheet shows the following. NEWMAN COMPANY Balance Sheet April 30, 2014 Assets Liabilities and Owners Equity Cash $ 30,000 Notes payable $ 20,000 Accounts receivable 25,000 Accounts payable 30,000 Allowance for doubtful accounts (2,000) Salaries and wages payable 2,500 Inventory 35,000 Mallory, capital 28,000 Equipment 20,000 Bosco, capital 13,650 Accumulated depreciationequipment (8,000) Renteria, capital 5,850 $100,000 $100,000 The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence. 1. A total of $55,000 was received from converting noncash assets into cash. 2. Gain or loss on realization was allocated to partners. 3. Liabilities were paid in full. 4. Cash was paid to the partners with credit balances. Instructions (a) Prepare a schedule of cash payments. (b) Prepare the entries to record the transactions. (c) Post to the cash and capital accounts. *P12-4B At April 30, partners capital balances