2. The Braun Company at December 31 has cash $15,000, noncash assets $110,000, Prepare cash distribution firm is liquidated, and $90,000 in cash is received for the noncash assets. Ho's and Li's transactions in a liquidation liabilities $60,000, and the following capital balances: Ho $40,000 and Li $25,000. The schedule and journalize income ratios are 60% and 40%, respectively. Instructions (a) Prepare a cash distribution schedule. (b) Prepare the entries to record the following, assuming that The Braun Company decides (LO 2, 3) to liquidate the company (1) The sale of noncash (2) The allocation of the gain or loss on liquidation to the partners. (3) Payment of creditors. (4) Distribution of cash to the partners. assets