HOMEWORK CH 12 Company at December 31 has cash $40,000, noncash assets $150,000, liabilities $90,000 and the following capital balances: Mark $30,000 and John $70,000. The firm is liquidated, and $180,000 in cash is received for the noncash assets. Mark and John income ratios are 2 :3 respectively. Required 1- Prepare a schedule of cash payments. 2- Record the appropriate entries for (a) The sale of noncash assets. (b) The allocation of the gain or loss on realization to the partners. (c) Payment of creditors. (d) Distribution of cash to the partners. Item Cash Non cash assets Liabilities Mark capital John capital