E$-$F:$12-22$ Accounting for the liquidation of a partnership

Dallas, Valdez, and Wagman are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dallas $$41,000$; Valdez, $$32,000$; and Wagman, $$22,000.$ The profit$-$and$-$loss$-$sharing ratio has been $2$:$2$:$1$ for Dallas, Valdez, and Wagman, respectively. The partnership has $$73,000$ cash, $$48,000$ non$-$cash assets, and $$26,000$ accounts payable.

Requirements

Assuming the partnership sells the non$-$cash assets for $$57,000,$ 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.

Assuming the partnership sells the non$-$cash assets for $$18,000,$ 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.