2- 1. The AYY Partnership is to be liquidated when the ledger shows the following: Cash A/R Inventory Land N/P A/P Ann. Capital $ 12,500 10,000 15,000 25,000 7,000 5,500 18,000 25,000 7,000 "8 Points" Youad, Capital Yara, Capital Ann, Youad, and Yara income ratios are 5:4:1, respectively. Instructions Prepare separate entries to record the liquidation of the partnership assuming that the noncash assets are sold for $60,000 in cash. "6 Points" 2. In JI Co., capital balances are Jawdi $250,000 and Ismael $125,000. The partners share income 60%, 40%. Duraid is admitted to the firm with a 40% interest by an investment $300,000 cash. Instructions Journalize the admission of Duraid. "2 Points