Ex17: Saud, Ahmed, and Nasser who share income and loss 3:1:6(ratio plan to liquidate their partnership. On the liquidation day their balance sheet appears as follow: Assets Cash Land $75,000 300,000 Accounts payable Saud Capital Ahmed Capital Nasser Capital Total liabilities and equity $111,000 105,000 89,000 70,000 $375,000 Total Assets $375,000 Assume the partnership sold the land in the market for $120,000 Required: Prepare Journal entry for (a) The sale of land, (b) The allocation of its gain or loss, (c) Payment of liabilities at book value, and (d) The distribution of cash to individual partners. Assume any partners with capital deficits have no assets other than those invested in partnership (cannot pay deficiency)