JNW is a partnership owned by Johnson, Noon, and West. The partners’ profit-and-loss- sharing ratio is 1:1:2, respectively. The adjusted trial balance of the partnership at April 30, 2024, follows:

Requirements
1. Prepare statement of partners’ equity for the month ended April 30, 2024. Use a separate column for each partner in the statement of partners’ equity. Assume no new capital contributions during April.
2. Prepare the four closing entries for the month ended April 30, 2024.
3. West decides to withdraw from the partnership on May 1, 2024. Her settlement includes all the Merchandise Inventory and all the Cash in exchange for her equity interest in the partnership.
4. Immediately after West’s withdrawal, Johnson and Noon decide to liquidate the partnership. They sell the building for $164,000. 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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Account Title Cash JNW Adjusted Trial Balance April 30, 2024 Merchandise Inventory Building Accumulated Depreciation-Building Accounts Payable Mortgage Payable Johnson, Capital Noon, Capital West, Capital Johnson, Withdrawals Noon, Withdrawals West, Withdrawals Sales Revenue Cost of Goods Sold Salaries Expense Rent Expense Total Balance Debit $ 32,000 8,000 240,000 12,000 4,000 11,000 55,000 32,000 10,000 $ 404,000 Credit $ 40,000 16,000 70,000 85,000 55,000 65,000 73,000 $ 404,000