b) Exercise 8. This partnership has decided to go out of business. The Balance Sheet, after the Income has been distributed, shows Cash $20,000, Non-currect Assets $100,000, Liabilities $55.000, Equity $65,000 (Rodriquez $45,000, 60% of the Income/Losses and Escobedo $20,000, 40% of the Income/Losses). $110,000 is received when the non-cash assets are sold. Please show the Journal Entries needed for the (a) sale of the Non-Current Assets (Gain or Loss on sale distributed), (b) the pay off of the liabilities, and the (c) Distribution of the remaining assets to the partners. (Hint: Make sure after these Entiries, ALL the accounts have -0- balances.) a Cash 20,000 Rodriquez, Capital 45,000 Non-Cash Assets 100,000 Escobedo, Capital Liabilities 20,000 55,000