ABC Advertising Co. Balance Sheet December 31,200 x $ 120 000 Cash Other assets $ 60 000 300 000 Liabilities Partners' Capitals: Allen, Capital Bob, Capital Carol, Capital Total 90 000 80 000 70 000 $ 240 000 $360 000 Total $360 000 Instructions: For each of the independent situations shown below, prepare journal entries to record the sale of the other assets", payment of liabilities, division of the loss on the sale of other assets" among the partners, and distribution of the available cash to the partners. Support all entries with adequate explanation; the entries for distribution of cash to the partners should have explanations showing how the amounts were determined. a. Other assets are sold for $ 252 000. b. Other assets are sold for $ 96 000. Each partner has personal assets and will contribute the amount necessary to cover any debit balance in his or her capital account that may arise in the liquidation process