Data Table - X Assets Cash 57,000 Non-cash Assets Simpton, Palmer, & Murray Balance Sheet December 31, 2018 Liabilities 50,000 Accounts Payable 105,000 Partners' Equity Simpton, Capital Palmer, Capital Murray, Capital Total Partners' Equity 155,000 Total Liabilities and Partners' Equity 17,000 48,000 33,000 98,000 155,000 Total Assets X - Requirements 1. Assume the non-cash assets are sold for $150,000. Journalize the liquidation transactions. 2. Assume the non-cash assets are sold for $70,000. Journalize the liquidation transactions. ext a Print Done The partnership of Simpton, Palmer, & Murray has experienced operating losses for three consecutive years. The partnerswho have shared profits and losses in the ratio of Simpton, 10%; Palmer, 65%; and Murray, 25%-are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Assume the non-cash assets are sold for $150,000. 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 $150,000. 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 Debit Credit Dec. 31 Journalize the payment of the liabilities. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the distribution of remaining cash to the partners. Date Accounts and Explanation Dec. 31 Debit Credit Requirement 2. Assume the non-cash assets are sold for $70,000. 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 $70,000. 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 Debit Credit Dec. 31 Journalize the payment of the liabilities. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the distribution of remaining cash to the partners. Date Accounts and Explanation Debit Credit Dec. 31