Data table Cash Non-cash Assets Total Assets Assets Simpton, Palmer, & Mitchell Balance Sheet December 31, 2024 Liabilities 51,000 Accounts Payable 105,000 Partners' Equity Simpton, Capital Palmer, Capital Mitchell, Capital Total Partners' Equity Total Liabilities and Partners' Equity Done 156,000 Print $ 56,000 21,000 48,000 31,000 100,000 156,000 X The partnership of Simpton, Palmer, & Mitchell has experienced operating losses for three consecutive years. The partners who have shared profits and losses in the ratio of Simpton, 10%; Palmer, 75%; and Mitchell, 15%-are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2024: (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Assume the non-cash assets are sold for $130,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $130,000. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the allocation of the gain or loss to the partners' capital accounts. Date Accounts and Explanation Dec. 31 Debit Credit Journalize the payment of the liabilities. Date Dec. 31 Journalize the distribution of remaining cash to the partners. Date Dec. 31 Accounts and Explanation Accounts and Explanation Debit Debit Credit Credit Requirement 2. Assume the non-cash assets are sold for $50,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $50,000. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the allocation of the gain or loss to the partners' capital accounts. Date Accounts and Explanation Dec. 31 Debit Credit Journalize the payment of the liabilities. Date Dec. 31 Journalize the distribution of remaining cash to the partners. Date Dec. 31 Accounts and Explanation Accounts and Explanation Debit Debit Credit Credit