Exercise 16-2 John, Jake, and Joe are partners with capital accounts of $99,000, $78,000, and $71,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate, the business has $65,000 in cash, noncash assets totaling $238,000, and $55,000 in liabilities. The noncash assets are sold for $248,000, and the creditors are paid. (a) Your answer is partially correct. Try again. Prepare a schedule of partnership liquidation. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g. -45 or parentheses, e.g. (45).) Noncash Assets Capital Balances Jake Cash Liabilities John Joe Account Balances 65000 238000 55000 99000 78000 71000 X Sale of Assets -248000 X 10000 Payment to Creditors Cash Distribution click, if you would lilo to chour Lord for thic nuoction. Onon Chow Worla