Exercise 12-9 Sedgwick Company at December 31 has cash $22,000, noncash assets $106,000, liabilities $50,600, and the following capital balances: Floyd $43,200 and Dewitt $34,200. The firm is liquidated, and S 11 1,000 in cash is received for the no cash assets. Ployd and Dewitt nome ratios a e 70% and 30% respectively. Sedg ick Company now decides to liguidate the Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually) (a) The sale of noncash assets. (b) The allocation of the gain or loss on realization to the partrners (c) Payment of creditors. (d) Distribution of cash to the partners