2. Brit. Franc, and Scot who share income and loss in a 2:2:1 ratio, plan to liquidate their partnership. At liquidation, their balance sheet appears as follows. Prepare journal entries for (a) the sale of land and equipment sold as a package for $500,000. (b) the allocation of the gain or loss. (c) the payment of the liabilities, and (d) the distribution of cash to the individual partners. Assets Cash Brit, Franc, and Scot Balance Sheet January 31 Liabilities and Equity Accounts Payable Brit, Capital Franc, Capital Scot, Capital Total liabilities and equity $150,000 200,000 400,000 Equipment Land $221,500 210,000 178,000 140,500 $750.000 Total assets $750.000