ABC is a partnership owned by Alders, Byron, and Calvin

ABC is a partnership owned by Alders, Byron, and Calvin, who share profits and losses in the ratio of 1:3:4. The account balances of the partnership at June 30 follows:ABC Adjusted Trial Balance June 30, 2014 Account Title Cash $33,000DRNon-Cash Assets $117,000DR Notes Payable $32,000CRAlders, Capital $22,000CR Byron, Capital $50,000CRCalvin, Capital $53,000CR Alders, Withdrawals $9,000DRBryon, Withdrawals $27,000DR Calvin, Withdrawals $49,000DRSales Revenue $164,000CR Salaries Expense $74,000DR Rent Expense $12,000DR Total $321,000DR $321,000CR Requirements:1. Prepare the June 30 entries to close the revenue, expense, income summary, and withdrawal accounts. 2. Open each partner’s capital T-accounts with the adjusted balance, post the closing entries to their accounts, and determine each partner’s ending capital balance. 3. Prepare the June 30 entries to liquidate the partnership assuming the non-cash assets are sold for $120,000.