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The Best Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Rodriguez $45,000 and Escobedo $20,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Rodriguez and Escobedo income ratios are 60% and 40%, respectively. Instructions Prepare the journal entries to record the following: The sale of noncash assets. (List multiple debit/credit entries in descending ord amount.) Description/Account The allocation of the gain or loss on liquidation to the partners. entries in descending order of amount.) Description/Account Payment of creditors. Description/Account Distribution of cash to the partners. (List multiple debit/credit en of amount.) Description/Account Debit Credit