ACC 112 Project 1C Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Balance Sheet December 20, 2016 Liabilities and Owners' Equity Assets Cash Land Buildings $91,000 71,000 210,000 83,000 4,000 Total Liabilities & Owners' Equity $455,000 $78,000 Notes Payable 192,000 Nicholas Jay, Capital 185,000 Kamla Paul, Capital Stephanie Ram, Capital Total Assets Under the rollowing four independent assumptions, prepare the ournal entries for the sale of theland liability, and the distributions to the partners, i and buildings allocation of any loss or gain, any deficit s the payment of the 1) The "Land" and "Buildings" were sold for $407,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs ($) when entering anmounts. To see to 2 decimal places, e.g. 5,275.25.) numbers refiected in your final answers, you must enter your answers with commas,. Round answers