All income and losses are allocated in a ratio of $3$:$2$:$1\mathrm{.}2.$At the time of liquidation, their balance sheet showed the following: ABC Partnership Balance Sheet December $31,202\mathrm{3\; .}$Assets Current Assets: Cash $354000$Property, Plant and Equipment: Office Equipment$120000$Less: Accumulated Depreciation $65000$Total Assets$409000$Liabilities Accounts Payable $10000$Mortgage Payable$325000$Total Liabilities $335000$Partners' Equity Allya, Capital $35000$Bob, Capital $22000$Carter, Capital $17000$Total Partners' Equity $74000$Total Liabilities and Partners' Equity $409000$ Additional Information: On December$1)31,2023$ the equipment is sold for $$40,000.$ 

Required:

1)Complete the schedule provided to show the steps to liquidate the partnership$\mathrm{.}$

$2)$Prepare all journal entries necessary to liquidate the partnership Kindly give the correct and right answer for everything I would really apperciate as this is my practice ues for mid term nobody did the right answer till now And do step by step with proper calculation  

Answer rating: 100% (QA)

1 Steps to Liquidate the Partnership Step 1 Sell Assets Office Equipment Sold for 400000 Step 2 Pay ... View the full answer