days lert I Register Now CALCULATOR PRINTER VERSION BACK NEXT ACC 112 Project 1C Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Assets Liabilities and Owners' Equity Cash $61,000 Notes Payable $94,000 Land 192,000 Nicholas Jay, Capital 73,000 Buildings 205,000 Kamla Paul, Capital 208,000 Stephanie Ram, Capital 83,000 Total Assets $458,000 Total Liabilities & Owners' Equity $458,000 Under the following four independent assumptions, prepare the journal entries for the sale of the "land" and "buildings", allocation of any loss or gain, any deficit(s), the payment of the liability, and the distributions to the partners, if 1) The "Land" and "Buildings" were sold for $447,000. (Credit account titles are automatically indented when the amount is entered. Do not indemt manually Do not use dollar signs (S) when entering anmounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.) Account Titles and Explanation Date Credit Debit 2016 Dec. 20 Gain on Realization 397,000 Land 192,000 205,000 Buildings B. w MacBook Pro CALCULATOR PRINTER VERSION BACK NEXT (To record the sale and realization of noncash assets) 20 Nicholas Jay, Capital 85000 Kamla Paul, Capital 34000 Stephanie Ram, Capital 42500 Loss on Realization 85000 (To allocate the loss or gain on realization to partners) Notes Payable 20 94,000 Gain on Realization 94,000 (To record payment of partnership liability) 64500 Nicholas Jay, Capital 20 174000 Kamla Paul, Capital 40500 Stephanle Ram, Capital 279000 Cash (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. B. w 21 MacBook Pro CALCULATOR PRINTER VERSION Before moving onto the next sectlon, please do the following (for screen help, click on the hyperlinks below) BACK NEXT 1. Scroll to the end of the page and dick on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the pagn. Doing this will open your saved answers in a new window to help you complete the next sectlon. Complete these steps each time you have finished a sectlon. Do not clilck on the "Submit Answers button until you have completed all of the sections. LINK TO TEXT 2) The "Land" and "Buildings" were sold for $312,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.) Date Account Titles and Explanation Debit Credit 2016 Dec. 20 (To record the sale and realization of noncash assets) 20 B. MacBook Pro & 7 6 5 Grace Perlod: 3 days left | Register Now CALCULATOR 20 PRINTER VERSION BACK NEXT (To allocate the loss or gain on realization to partners). 20 (To record payment of partnership liability) 20 (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below)r 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. B X W Mac Book Pro 21 CALCULATOR PRINTER VERSION 4 BACK NEXT 3) The "Land" and "Buildings" were sold for $177,000, and any partners with a resulting deficits can and do pay the amount of their deficits. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs ($) when entering amounts. To see comma formatted numbers reflected In your flnal answers, you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.) Account Titles and Explanation Date Debit Credit 2016 Dec. 20 (To record the sale and realization of noncash assets) 20 (To allocate the loss or gain on realization to partners) 20 (To record payment of the capital deficiency by Stephanie) ? B. wx X CALCULATOR PRINTER VERSION BACK NEXT 20 (To record payment of partnership liability) 20 (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below) 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections. CALCULATOR PRINTER VERSION BACK NEXT 4) The "Land" and "Buildings" were sold for $147,000, and the partners with deficits have no assets other than those invested in the business. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs ($) when entering amounts. To see comma- formatted numbers reflected In your final answers, you must enter your answers with commas. Round answers to 2 declmal places, e.g. 5,275.25.) Date Account Titles and Explanation Debit Credit 2016 Dec. 20 (To record the sale and realization of noncash assets) 20 (To allocate the loss or gain on realization to partners) 20 ranital defiriency by Stephanie Ram) CALCULATOR PRINTER VERSION BACK NEXT 20 (To record payment of partnership liability) 20 (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below): 1. Scroll to the end of the page and click on the "Save for Later" button to save your work. 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section button untl you have completed all of the sectlons Complete these steps each time you have finished a section. Do not click on the "Submit Answers Open Show Work Click if you would like to Show Work for this question: LINK TO TEXT SUBMIT ANSWER SAVE FOR LATER Question Attempts: 0 of3 used Ineed the specific information that goes on each box. Don't give me extra details that can confuse me Thank you