3. The Glad Partnership is to be liquidated when the ledger shows the following: Cash $15,000 Accounts Receivable 10,000 Equipment 88,000 Accumulated Depreciation - Equip. 36,000 Accounts Payable 20,000 Reed, Capital 22,000 Ales, Capital 30,000 Dent, Capital 5,000 Reed, Ales, and Dent's income ratios are 6:3:1, respectively. Prepare journal entries for the first 3 steps of the liquidation process, assuming that they collected $8000 of the Accounts Receivable, and received $24,000 cash for the equipment. (11 marks)