5. Immediately prior to the process of liquidation, partners Micco, Niccum, and Orwell have capital balances of $70,000, $20,000, and $30,000, respectively. There is a cash balance of $10,000, noncash assets total $160,000, and liabilities total $50,000. The partners share net income and losses in the ratio of 40%:40%:20% respectively. Prepare a statement of liquidation recording the following transactions: a. b. C. Sold the noncash assets for $180,000 in cash dividing any gain or loss between the partners. Paid the liabilities. Distributed the cash to the partners. Non-cash Cash $10,000 Assets $160,000 Liabilities Micco Miccum Orwell $50,000 $70,000 $20,000 $30,000