ONLY THE STATEMENT OF LIQUIDATION NEEDS TO BE COMPLETED.

Using the data in the Option 2 Spreadsheet (linked at the bottom of the page), perform the accounting required for the formation, operations, and liquidation of the SPLIT Partnership. Within the worksheet, you are to:

Perform the required journal entries

Update the partnership financials after each set of transactions. There are three setsformation set, operation set, and liquidation set.

Complete all work on the spreadsheet attached to this assignment; it will be your only deliverable.

Part 1: Perform for all partnership formation transactions

Part 2: Perform for all operational and liquidation transactions

Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014
Assets, Liabilities & Equities	S	P	L	I	T
Cash	$10,000	$25,000	$25,000	$25,000	$25,000
AR	$15,000				$10,000
Inventory			$15,000	$15,000	$15,000
Land	$60,000
Furniture		$30,000
Less: Accumulated Depreciation
Computer			$5,000
Less: Accumulated Depreciation
Building				$50,000
Total Assets	$85,000	$55,000	$45,000	$90,000	$50,000
AP	$0	$0	$15,000	$0	$0
Loan-L	$0	$5,000	$0	$0	$0

Balance Sheet for SPLIT as of March 1, 2014

Assets

Cash

$110,000

AR

$25,000

Inventory

$45,000

Land

$60,000

Furniture

$30,000

Less: Accumulated Depreciation

$0

Computer

$5,000

Less: Accumulated Depreciation

$0

Building

$50,000

Total Assets

$325,000

Liabilities

AP

$15,000

Loan-L

$5,000

Equity

Capital-S

$85,000

Capital-P

$50,000

Capital-L

$30,000

Capital-I

$90,000

Capital-T

$50,000

Total Equity and Liabilities

$325,000

Balance Sheet for SPLIT as of December 31, 2014

Assets

Cash

$120,000

AR

$25,000

Inventory

$45,000

Land

$60,000

Furniture

$30,000

Less: Accumulated Depreciation

($3,213)

Computer

$5,000

Less: Accumulated Depreciation

($1,250)

Building

$50,000

Less: Accumulated Depreciation

($938)

Total Assets

$329,600

Liabilities

AP

$15,000

Loan-L

$5,000

Equity

Capital-S

$86,282

Capital-P

$50,754

Capital-L

$30,452

Capital-I

$91,357

Capital-T

$50,754

Total Equity and Liabilities

$329,600

Statement of Liquidation for SPLIT
	Assets		Liabilities			Partners Capital
	Cash	Noncash Assets	Accounts Payable	Notes Payable	Loan	S	P	L	I	T
Realization and allocation
Subtotals
Distributions
Outside Creditors
Partner Loans
Partners Capital
Post Liquidation Balances
** Fixed assets each sold for 20% above ending book value, Inventory sold for 10% below ending book value and all other fair values were equal to book value.