E$12-8$B The Bice Company at December $31$ has cash $$15,000,$ noncash assets $$110,000,$

liabilities $$60,000,$ and the following capital balances: Birk $$40,000$ and Cey $$25,000.$ The

fi rm is liquidated, and $$90,000$ in cash is received for the noncash assets. Birk and Cey

income ratios are $60\%$ and $40\%,$ respectively.

Instructions

Prepare a cash distribution schedule.

E$12-9$B Data for The Bice Company partnership are presented in E$12-8$B$.$

Instructions

Prepare the entries to record:

$($a$)$ The sale of noncash assets.

$($b$)$ The allocation of the gain or loss on liquidation to the partners.

$($c$)$ Payment of creditors.

$($d$)$ Distribution of cash to the partners