E12-8B 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 firm 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 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