Accounting 1C Chapter 12 Exercise On April 30th, the PAL partnership liquidates. Prior to the liquidation, the partnership's general ledger had the following account balances: Cash $89,000 Non-Cash Assets 41,000 Liabilities Peter, Capital Aria, Capital $37,000 24,000 68,000 Leon, Capital 1,000 PAL sold its Non-Cash Assets for $11,000. Peter, Aria, and Leon share profit/loss 7:1:2. Assume any partner with a deficient capital account balance is insolvent. Instructions Prepare associated journal entries, including descriptions, for the following: 1. Sale of the Non-Cash Assets 2. Allocation of the Gain/(Loss) Realized on the Sale of the Non-Cash Assets 3. Payment of Liabilities 4. Distribution of Cash to Partners (Hint: Two entries: may wish to look in the textbook) NOTE: This exercise MUST be completed BY HAND, no computers. Once you have written your solutions on a piece of paper, you need to scan and upload your work as ONE PDF file. The free application "Cam Scanner is easy to use. Also, you MUST show your work by footnoting calculations or using parentheses. If you do your work on a computer, fail to show your work, and/or submit multiple files you will receive 50% of the points possible.