Journalize the sale of the non-cash assets for $50,000.

Journalize the allocation of the gain or loss to the partners' capital accounts.

Journalize the payment of the liabilities.

Journalize the distribution of remaining cash to the partners.

Journalize the sale of the non-cash assets for $17,000.

Journalize the allocation of the gain or loss to the partners' capital accounts.

Journalize the payment of the liabilities.

Journalize the distribution of remaining cash to the partners.

Ron Danks, Samuel Vale, and Vinn Waddington are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Danks $50,000; Vale, $34,000; and Waddington, $22,000. The profit-and-loss-sharing ratio has been 2:1:1 for Danks, Vale, and Waddington, respectively. The partnership has $91,000 cash, $41,000 non-cash assets, and $26,000 accounts payable. Requirements 1. Assuming the partnership sells the non-cash assets for $50,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $17,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners