Question: I need help with this question. Please explain step by step. thank you! 1. On 07/07/2017, Partnership Peach's balance sheet is as below Balance Sheet

I need help with this question. Please explain step by step. thank you! I need help with this question. Please explain step by step. thank

1. On 07/07/2017, Partnership Peach's balance sheet is as below Balance Sheet @ 07/07/2017 Cash 500,000 Loan 2,000,000 AR 1,000,000 Mortgage 2,000,000 Inventory 3,000,000 Capital-A 2,000,000 PPE 4,500,000 Capital-B 1,000,000 Patent 1,000,000 Capital-C 3,000,000 Note that the loan was borrowed by the partnership from a Bank. The profit loss sharing ratio was 40%/30% and 30% among A, B and C. All the partners decide to liquidate Peach, below are the liquidation schedule 08/01/2017. liquidator sold AR for 800,000, 08/15/2017, liquidator sold inventory for 1,000,000 09/15/2017, liquidator sold PPE for 1,000,000, 10/31/2017, liquidator sold patent for 800,000. 11/1/2017, the partnership paid liquidation fee 30,000 in cash 11/12/2017, the partnership paid off mortgage Please calculate every partner's respective capital balance after 11/12/2017 1. Note that to be considered for partial credit you need to present the process of calculation in a trackable and understandable way. 2. You need to indicate clearly what each number means if it is related to part of the answer r anything O BE

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