Dukes. Vide, and Wahh an liquidating their partnership Before selling the assets and peying the labilities, the capital balances are Dukes $43,000 Vida $27,000, and Walsh, $15,000 The profit-and-loss-sharing ratio has been 22.1 for Dukes Vida, and Walsh, respectively. The partnership has $74,000 cash $41,000 non-cash assets, and $30,000 accounts payable Read the Comment Requirement 1. Assuming the partnership sells the non-cash assets for $40,000 record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the detribution of remaining cash to partners (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 $40,000. Date Dec. 31 Accounts and Explanation Debit Credit artnership. Before selling the assets and paying the liabilities, the capital balances are Dukes $43,000, Vida, $27,000, and Walsh, $15,000. The The partnership has $74,000 cash, $41,000 non-cash assets, and $30,000 accounts payable ells the non- ecord debits r $48,000. ts and Expl Requirements 1. Assuming the partnership sells the non-cash assets for $48,000, record the journal 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. 2. Assuming the partnership sells the non-cash assets for $17,000, record the journal 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 Print Done -X Hation, the paymer Requirement 1. Assuming the partnership sells the non cash assets for $48.000, recond the journal entries for the sale of non-cash assets allocation of gain or less on quidation the payment of the standing and the distribution of remaining cash to partners (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 $48.000 Date Dec 31 Accounts and Explanation Debit Credit