CHAPTER 17 Partnership L04 (30 MIN) 17A-4. The partnership of Jackson, Rackley, and Surber is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation, their bal- ance sheet looks as follows: Cash Other Assets $21,900 13,500 Liabilities A. Jackson, Capital C. Rackley, Capital J. Surber, Capital Total Liab. + Equity $ 3,950 11,400 18,100 1,950 $35,400 Check Figure: Sit. 2: Gain or loss from realization $7,200 Dr. Total Assets $35,400 Journalize the entries needed in the liquidation process under the following independent situations and assume a date of April 1, 2018, for sale of assets and April 15 for paying off liabilities and distributing cash to partners: Situation 1: Sold other assets for $32,100. Situation 2: Sold other assets for $6,300. Situation 3: Sold other assets for $1,500. Surber cannot cover his deficit