Chapter 12: Accounting for Partnerships and Limited Liability Companies 187. After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following: Cash $7,500 ‘Noncash Assets 105,000 Liabilities $ 27,500 ‘Anna, Capital 45,000 Brian, Capital 15,000 Cole, Capital 25.000 $112,500 — $112,500 ‘The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold or $150,000, the liabilities were paid, andthe remaining cash was distributed tothe partners, (a) Prepare a statement of partnership liquidation, (®) Assume the same facts as in (a), except that the noncash assets were sold for $45,000 and any partner with a capital deficiency pays the amount of the deficiency to the Partnership. Prepare a statement of partnership liquidation,