The Jarrin & Martin partnership has the following balances on December 31, 2024:

Jarrin and Martin share profits 1:3, respectively. Jarrin and Martin decide to liquidate the partnership. Journalize the sale of the non-cash assets for $58,000, the payment of the liabilities, and the payment to the partners. Assume Martin contributes cash equal to the capital deficiency.

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Cash Non-cash Assets Total Assets Assets JARRIN & MARTIN Balance Sheet December 31, 2024 $ 38,000 94,000 $ 132,000 Liabilities Accounts Payable Partners' Equity $ 72,000 Jarrin, Capital 38,000 Martin, Capital 22,000 Total Partners' Equity 60,000 Total Liabilities and Partners' Equity $ 132,000