E 16-2	Simple Liuidation
John Jake and Joe are patners with capital amounts of $90,000, $78,000 and $64,000 respectively.
They share profits and losses in the ratio of 30.40.30. When the partners decide to liquidate, the business
has $70,000 in cash, noncash assets totaling $260,000 and $98,000 in liabilities. The noncash assets
are sold for $270,000, and the creditors are paid.
Required:
A) Prepare a schedule of partnership liquidation.
B) Prepare journal entries to record ach of the following transactions.
	1) The sale of the noncash assets.
	2) The payment to the creditors.
	3) The distributiion of Cash to the partners.