this is the full amount

Statement of LLC Liquidation Lester, Torres, and Hearst are members of Arcadia Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The members' equity prior to liquidation and asset realization on August 1 are as follows: Lester Torres $34,400 79,600 49,500 Hearst Total $163,500 In winding up operations during the month of August, noncash assets with a book value of $215,000 are sold for $266,600, and liabilities of $69,300 are satisfied. Prior to realization, Arcadia Sales has a cash balance of $17,800. a. Prepare a statement of LLC liquidation. Enter any subtractions (balance deficiencies, payments, cash distributions, divisions of loss, sale of assets) as negative numbers using a minus sign. If an amount is zero, enter "0". Arcadia Sales, LLC Statement of LLC Liquidation For the Period August 1-31 Member Equity Lester Member Equity Torres (2/5). Member Equity Hearst Noncash Assets Cash (175) Balances before realization Sale of assets and division of Balances for reaction Payment of Babes Balances after payment of abies Distribution of cash to members Final balances b. Provide the journal entry for the final cash distribution to members. For a compound transaction, if an amount box does not require an entry, leave it blank. c. What is the role of the income- and loss-sharing ratio in liquidating a LLC? The income- and loss-sharing ratio is only used to on the realization of asset sales. It used for the final distribution. Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts. 2. Merchandise inventory is to be valued at $59,300. 3. Equipment is to be valued at $137,100. b. Mays is to purchase $56,000 of the ownership interest of Estrada for $61,000 cash and to contribute another $30,000 cash to the partnership for a total ownership equity of $86,000. The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows: Caldwell and Estrada Post-Closing Trial Balance August 31, 2019 Debit Balances 5.900 36.200 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory 55.400 Prepaid Insurance 2.000 150.000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) Brian Caldwell, Capital Adriana Estrada, Capital Required: 258.500 Required: 1. Journalize the entries as of August 31 to record the revaluations, using a temporary account entitled Asset Revaluations. Debits and credits to the Asset Revaluation account are losses and gains from revaluation, respectively. The balance in the accumulated depreciation account is to be eliminated. After journalizing the revaluations, close the balance of the asset revaluations account to the capital accounts of Brian Caldwell and Adriana Estrada. For a compound transaction, if an amount box does not require an entry, leave it blank. Aug 31-Accounts Receivable Aug 31-Merchandise Inventory Aug 31-Equipment Aug 31-Close 2. Journalize the additional entries to record Mays's entrance to the partnership on September 1, 2019. September 1-purchase September 1 contribution 3. Present a balance sheet for the new partnership as of September 1, 2019. Caldwell, Estrada, and Mays Balance Sheet September 1, 2049 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Total liabilities Partners' Equity Total partners' equity Total liabilities and partners' equity eBook Calculator 3. Equipments to be valued 13/AU. b. Mays is to purchase $56,000 of the ownership Interest of Estrada for $61,000 cash and to contribute another $30,000 cash to the $86,000. The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows: Caldwell and Estrada Post-Closing Trial Balance August 31, 2049 Debit Credit Balances Cash Balances 5,900 36,200 Accounts Receivable !!! Allowance for Doubtful Accounts Merchandise Inventory 1.400 Prepaid Insurance 55,400 2,000 159,000 Equipment Accumulated Depreciation-Equipment Accounts Payable Notes Payable (current) Brian Caldwell, Capital Adriana Estrada, Capital !! 49,300 13,800 37,000 84,000 73,000 258,500 258,500 Required: 1. Journalize the entries as of August 31 to record the revaluations, using a temporary account entitled Asset Revaluations. Debits and account are losses and gains from revalidation on