P12-6A The partnership of Jackson, Pierce. & Fenner has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of Leigh Jackson, 15%; Trent Pierce. 60%; and Bruce Fenner, 25%-are considering the liqui- dation of the business. They ask you to analyze the effects of liquidation under various possi- bilities regarding the sale of the noncash assets. They present the following condensed part- nership balance sheet at December 31, end of the current year: Cash Noncash assets. $ 7,000 163.000 Liabilities. $ 63.000 Jackson, capital. Pierce, capital. Fenner, capital. 24.000 66.000 17.000 Total liabilities and Total assets $170,000 capital... $170,000 Required 1. Prepare a summary of liquidation transactions (as illustrated in Exhibit 12-4) for each of the following situations:

a. The noncash assets are sold for $183,000.

b. The noncash assets are sold for $141.000 2. Make the journal entries to record the liquidation transactions in requirement 1(b).