Downes, Vemon, and Waddington are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Downes $48,000; Vernon, $30,000; and Waddington, $21,000. The profit-and-loss-sharing ratio has been 2:2:1 for Downes, Vemon, and Waddington, respectively. The partnership has $78,000cash,543,000 non-cash assets, and $22,000 accounts payable. Read the requirements. Requirement 1. Assuming the partnership sells the non-cash assets for $53,000, record the journat entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Journalize the sale of the non-cash assets for $53,000. Joumalize the allocation of the gain or loss to the partners' capital accounts. sourbalize the distribution of remaining cash to the partners. Dowres, Veenon, and Wadsington are liquidating their patheahip. Before selling the assets and paying the liabilities, the capitai polances are Downes \$48.000; Vemon, \$30,000; and Waddington, \$21,000. The profit-and-los5-sharing ratio hals been 2:2.1 for Dewnes. Vernoh, and Waddington, respectively. The parthership has $78,000 cash, $43,000 non-cash aspets, and $22,000 accounts payable. Read the reguirements. Requirement 2. Assuming the partnership sels the non-cash assets for 510.000 , record the joumal entries for the sale of non-cash assets, aliscation of gain or loss on liquidation, the payment of the outstanding llabilities, and the diatribution of remaining cash to partners. (Record dobits first. then credis. Select the explanation on the last lino of the joomal ontry tables. Soumalise the sale of the non-cash assets for $19.000. Joumalise the alocstion of the gain or loss to the partners' capital acocunts