On November $1,$ the firm of Bowes, Simmons, and Ahmed decided to liquidate its partnership. The partners have capital balances of $$58,450,$ $$71,770,$ and $$10,190,$ respectively. The cash balance is $$31,750,$ the book values of noncash assets total $$129,020,$ and liabilities total $$20,360.$ The partners share income and losses in the ratio of $2$:$2$:$1.$

Required:

$1.$ Prepare a statement of partnership liquidation, covering the period November $130,$ for each of the following independent assumptions:

a$.$ All of the noncash assets are sold for $$156,950$ in cash, the creditors are paid, and the remaining cash is distributed to the partners.

b$.$ All of the noncash assets are sold for $$56,240$ in cash, the creditors are paid, the partner with the debit capital balance pays the amount owed to the firm, and the remaining cash is distributed to the partners.

$2.$ Assume that the partner with the capital deficiency in part $($b$)$ declares bankruptcy and is unable to pay the deficiency. Journalize the entries on Nov. $30$ to $($a$)$ allocate the partner$$s deficiency and $($b$)$ distribute the remaining cash.