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The partners of Donald, Chief & Berry LLP decided to liquidate on August 1,2023. The...

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Accounting

The partners of Donald, Chief & Berry LLP decided to liquidate on August 1,2023. The balance sheet of the partnership is as follows, with the profit and loss ratio of 40%,40% and 20%, respectively. The partners do not expect to incur further liquidation expenses.
DONALD, CHIEF, & BERRY LLP
Balance Sheet
August 1,2023
Assets
Cash
Loan receivable from
Donald
Other assets
Total
Liabilities & Partners' Capital
$60,000, Trade accounts payable $130,00
0
40,000 Loan payable to Chief 60,000
500,000 Donald, capital 140,000
Chief, capital
160,000
110,000?
$600,00
Additional Information
Estimated liquidation expenses $15,000
A portion of the Other Assets with a carrying amount of $200,000 were sold for $140,000,
all available cash was distributed.
Required
a. Develop a predistribition plan for this partnership
b. Prepare a Statement of partnership liquidation
c. Compute the safe payment after de other assets had been sold
d. Prepare the journal entries of the transactions performed
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