f Whitney, Kosse, & Itasca has experienced operating losses for three ratio of Fran Whitney, The partnership o consecutive years. The partners-who have shared profits and losses in the 15%; Walt Kosse, 60%; and Emil Itasca, 25%-are considering the liquidation of the business They ask you to analyze the effects of liquidation under various possibilities regarding the sale of the noncash assets. They present the tollowing condensed partnership balance sheet at December 31, end of the current year: Cash. Noncash assets.. S 7,000 Liabilities S 63,000 163,000 Whitney, capital..4,000 66,000 17,000 Kosse, capital.. Itasca, capital Total liabilities and $170,000 capital 70,000 Prepare a summary of liquidation transactions the following situations: a. The noncash assets are sold for S175,000. 1. 2. Make the journal entries to record the liquidation transactions in requirement l