14. (5 points) Immediately prior to the process of liquidation, partners Craig, Gary and Richard have capital balances of $50,000,$30,000, and $20,000, respectively. There is a cash balance of $20,000, noncash assets total $140,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 2:2:1. Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims. (a) Sold the noncash assets for $90,000 in cash. (b) Divided the loss on realization. (c) Paid the liabilities. (d) Distributed the cash to the partners. 14. (5 points) Immediately prior to the process of liquidation, partners Craig, Gary and Richard have capital balances of $50,000,$30,000, and $20,000, respectively. There is a cash balance of $20,000, noncash assets total $140,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 2:2:1. Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims. (a) Sold the noncash assets for $90,000 in cash. (b) Divided the loss on realization. (c) Paid the liabilities. (d) Distributed the cash to the partners