JNW is a partnership owned by Bill Jefferson, Ed Napravnik, and Idalene Williams. The partners' profit-and-loss-sharing agreement is 2:3:5, respectively. The adjusted trial balance of the partnership at April 30, 2014, follows:

1. Prepare statement of partners' equity for the month ended April 30, 2014. Use a separate column for each partner in the statement of partners' equity.

2. Prepare the four closing entries for the month ended April 30, 2014.
3. Williams decides to withdraw from the partnership on May 1, 2014. Her settle­ment includes all the Merchandise Inventory and all the Cash in exchange for her equity interest in the partnership.
4. Immediately after Williams' withdrawal, Jefferson and Napravnik decide to liq­uidate the partnership. They sell the building for $95,000. Then, they pay the liabilities and distribute the cash to complete the liquidation. Journalize these liquidation entries. Assume the profit and loss sharing ratios are the same.

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JNW Adjusted Trial Balance April 30, 2014 JNW Adjusted Trial Balance April 30, 2014 Balance Account Title Cash Merchandse Inventory Buiding Accumulated Depreciation-8uilding Accounts Payable Mortgage Payable Jefferson, Capital Napravnik, Capital Williams, Capitai Jefferson, Withdrawals Napravnik, Withdrawals Wilams, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Total Debit Credit S 13,000 7,000 180,000 55,000 10,000 48,000 52,000 37,000 29,000 T2,000 6,000 3,000 90,000 70,000 20,000 10,000 $ 321,000 $ 321,000