Immediately prior to the process of liquidation on December 31, 2014 partners Micco, Niccum, and Orwell of MNO Partnership have capital balances of $70,000, $20,000, and $40,000, respectively. There is a cash balance of $20,000, noncash assets total $170,000, and liabilities total $60,000. The partners share net income and losses in the ratio of 3:2:1. (Different than lecture.) If there is a defeciency assume the partner pays it. Sold non-cash assets for $80,000. 1. Prepare the Statement of Partnership Liquidation for the period December 1 - 31, 2014. (Format V27 Pg 610.) 2. Journalize the entries to record the liquidation outlined below, using Assets as the account title for the noncash assets and Liabilities as the account title for all creditors' claims. MNO Partnership Statement of Partnership Liquidation For periond December 1 - 31, 2014 Niccum Orwel Percentage Income sharing rations xx.x% >> Balances prior to liquidation: 0 $ 0 20,000 170.000 $ 70,000 20,000 $ 40,000 Sold the noncash assets & Division of Gain/Loss S ATO.000) $045, 000) 30,000) $ (15, 000) 10, $ (10,000) $ 25,000 Balances after pay $ 25,000 $ (10,000) $25,000 Received cash from the partner with the Distributed cash to the part General Journal Description