3. Jimmy Pesto and Calvin Fischoeder's business goes bankrupt and needs to liquidate. Jimmy and Calvin's income ratios are 60% and 40%, respectively. They sell their noncash assets to their competitor Bob for $105,000. The following is the partnership's Balance Sheet: Jimmy Pesto's Pizzeria Balance Sheet December 31, 20XX Assets Cash Accounts Receivable Supplies Inventor Equipment $22,000 5,000 3,000 12,000 80,000 $122,000 Total Assets Liabilities and Owners' Equi Accounts Pavable J. Pesto, Capital C. Fischoeder, Capital $57,000 45,000 20,000 122,000 Total Liabilities and Owners' Equit Prepare the journal entries to liquidate the business Account Debit Credit