en plivy/deschittundidato 1666538 44014693065e198/question/16 em - Fall 2020 uestion 37 of 39 - 20 ew Policies Tent Attempt in Progress artners in Blossom Partnership decided to liquidate the partnership on June 30, 2021, when the balances in the partnership's counts were as follows: Cash Accounts Receivable $33,600 Equipment $58,300 Accumulated Depreciation $20,200 Accounts Payable $36,200 A. Hunt, Capital $50,500 K Lally, Capital $22,600 Portman, Capital $1,500 Tidation $39,100 artners share profit and loss 5:3:2 for Hunt, Lally, and Portman, respectively. plete the schedule assuming the noncash assets were sold for $71,700, liabilities are paid, and the cash is distributed opriately. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses es. (45)-) Accounts Receivable Item Cash Equipment ces before liquidation $ $ $ -720 Question 37 of 39 Complete the schedule assuming the noncash assets were sold for $71,700, liabilities are paid, and the cash is distributed appropriately. (Enter negathe amounts using elther a negative sign preceding the number eg.-45 or parentheses eg (45).) Accounts Receivable Item Cash Equipment Balances before liquidation $ Sale of noncash assets Payment of liabilities Allocation of cash am - Fall 2020 Jestion 37 of 39 > - 20 E Prepare the journal entries for the liquidation of the partnership assuming the noncash assets were sold for $71,700, liabilities are paid, and the cash is distributed appropriately. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually Date Account Titles and Explanation Debit Crendit June 30 (To record realization of assets.) une 30 (Payment on account) ne 30 v v o i al Exer - Fall 2020 Question 37 of 39 - /20 Complete the schedule assuming the assets were sold for $54,000, liabilities are paid, and any deficiencies will be paid by the deficient partner. (Enter negative amounts using elther a negative sign preceding the number e.g.-45 or parentheses eg. (45). Rounc answers to O decimal plaas, eg. 5,275) Item Cash Accounts Receivable Balances before liquidation $ $ $ Sales of noncash assets and loss on sale of assets Payment of liabilities Payment of deficiency llocation of cash -720 Jete the schedule assuming the assets were sold for $36,000, liabilities are paid, and any deficiencies will be absorbed by her partners. (Enter negative amounts using either a negative slon preceding the number eg.-45 or parentheses e.g. (45). Round sto O decimal places, eg. 5,275) Accumulated Depreciation Accounts Payable A Hunt, Capital K Lally. $ $ $