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 S 60,000 40,000 100,000 200,000 $400.000 Cash Accounts Receivable Inventory Plant Assets (Net of Depreciation) Total Assets Liabilities Accounts Payable $120,000 Partners' Equity Adcock Capital Villa Capital Davis Capital Total Liabilities & Partner Equity 55,000 125,000 $400.000 er Equiy S4000 Required: Prepare Journal entries and ledger accounts ("- Accounts) for the following activities, dispose of the assets, allocations of gains/losses, satisfy the liabilities, and distribution of cash to each partner on liquidation under the following two assumptions. The following events took place during liquidation: 1. 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 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 $35,000 collected on the account receivable (same as above), the inventory was sold for $40,000, and plant assets are sold for $ 75,000. Profit and loss sharing same as #1 above. Also assume any partner with a deficit capital account does not have personal funds to cover the deficiency