Blossom Company at December $31$ has cash $$23,800,$ noncash assets $$106,000,$ liabilities $$51,600,$ and the following capital balances: Floyd $$45,000$ and DeWitt $$33,200.$ The firm is liquidated, and $$112,000$ in cash is received for the noncash assets. Floyd and DeWitt income ratios are $70\%$ and $30\%,$ respectively. Blossom Company decides to liquidate the partnership.

Prepare the entries to record: $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

a$.$ The sale of noncash assets.

b$.$ The allocation of the gain or loss on realization to the partners.

c$.$ Payment of creditors.

d$.$ Distribution of cash to the partners.

Account Titles and Explanation

Debit

Credit

a$.$

Noncash Assets

b$.$

c$.$

d$.$