Bold and Victory decide to liquidate their partnership business. Their capital balances were $40,000 each, and they share income and losses in the ratio of 3:1, respectively. On the date of liquidation, the following balances were recorded in the books of the firm: Cash $50,000 Noncash assets $90,000 Accounts payable $60,000 The noncash assets are sold for $34,000 and all liabilities duly paid off. Liquidation expenses amounted to $4,000. Both partners are personally solvent. Required: Prepare all the liquidation entries necessary to close the books of accounts.