Below is the Balance Sheet of ACE Company. Assets Cash Accounts receivable Inventory Equipment Accum. depr.-equipment $ 5.000 15.000 18.000 35,000 (8.000) $65,000 Liabilities and Owners' Equity Notes payable $15.000 Accounts payable 16,000 15.000 R. Arnet, Capital 17.800 P. Carey, Capital W. Eaton, Capital 1,200 $65,000 The partners have agreed to liquidate on the following terms. 1.) The noncash assets of the partnersi honcash assets of the partnership will be sold to Jackson Enterprises for $75,000 cash. 2.) The partnership will pay its partnership liabilities. 3.) The income ratios of the partners are 3:2:1, respectively for Arnet, Carey and Eaton. Instructions: Prepare in good form the four journal entries necessary to liquidate this partnership according the partner's agreed terms