After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: ? 1. Distribution of cash to partners: Nelson, $30,000 Account Balance Account Balance Account Title Cash Inventory Other Assets Liabilities C. W. Nelson, Capital J. R. Pope, Capital M. L. Williams, Capital Debit $ 15,000 40,000 220,000 Credit $ 75,000 40,000 60,000 100,000 The noncash assets are sold for $230,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period April 1-15, 20--, showing the following: (a) The sale of the noncash assets on April 1 (b) The allocation of any gain or loss to the partners on April 1 (c)The payment of the liabilities on April 12 (d) The distribution of cash to the partners on April 15 2. Journalize these four transactions in a general journal.

1. Nelson, Pope, and Wi Statement for Partnership L For Period April 1-15, Cash Inventory Balance before sale of assets Sale of noncash assets and allocation of gain (loss) Balance after sale Payment of liabilities Balance after payment of liabilities Distribution of cash to partners Final balance 2. GENERAL JOURNAL Date Description 20-April Sale of noncash assets C. W. Nelson, Capital J. R. Pope, Capital M. L. Williams, Capital Allocation of gain (loss) Payment of liabilities C. W. Nelson, Capital J. R. Pope, Capital M. L. Williams, Capital Distribution of cash to partners Nelson, Pope, and Williams tatement for Partnership Liquidation For Period April 1-15, 20-Other Assets Liabilities Debit Credit Nelson Capital Pope Williams