EKC Partnership decides to liquidate the company on 31 December 2020.

The following balances appears in the records of the company:

Cash Non-cash assets Liabilities Capital accounts: Emir Khan Chanyu	14,000 160,000 65,000 21,000 69,000 19,000
Profit sharing ratio	15%, 60% and 25%

The partnership is liquidated, and the assets are sold for $120,000

Required:

Prepare a schedule for cash payments and journalize the transactions.