E12.8 (LO 3) Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $105,000 in cash is received for the noncash assets. Floyd and De Witt income ratios are 60% and 40%, respectively Instructions Prepare a schedule of cash payments. E12.9 (LO 3) Data for Sedgwick Company are presented in E12.8. Sedgwick Company now decides to liquidate the partnership Instructions Prepare the entries to record: a. The sale of noncash assets. b. The allocation of the gain or loss on realization to the partners. c. Payment of creditors. d. Distribution of cash to the partners