The partnership of Adcock, Villa, and Davis decide to liquidate after all temporary accounts have been closed out and the partnership balance sheet is as follows: Adcock, Villa, Davis &Company Balance Sheet February 2, 2018 Assets Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets 60,000 40,000 100,000 200,000 S 400,000 Liabilities Payable Partners' Equity $120,000 Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 100,000 S400,000 Required: Prepare Journal entries and ledger accounts ("T"- Accounts) for the following activities, allocations of profit/loss, and distribution of cash to each partner on liquidation under the following two assumptions. 1. The following events took place during liquidation: A. Collected $35,000 of accounts receivable, the remaining is uncollectible. B. The inventory was sold for $110,000 cash. C. The plant assets were sold for $90,000. Plant assets have a historical cost of $450,000 and $250,000 of accumulated depreciation Profits and losses are allocated Adcock, Villa, and Davis in a 3:3:4 ratio. 2. In the alternative to #1 above, assume account receivable same as above, the inventory was sold for $40,000 and plant assets are sold for $ 75,000. Also assume, any partner with a deficit capital account does not have personal funds to cover the deficiency