Learning Objective 6 2. Loss on Disposal $20,000 P12-28A Accounting for the liquidation of a partnership The partnership of Seymour, Packard, & Malone has experienced operating losses for three consecutive years. The partnerswho have shared profits and losses in the ratio of Seymour, 15%; Packard, 60%; and Malone, 25%are liquidating the business. They ask you to analyze the effects of liquidation. They present the following con- densed partnership balance sheet at December 31, 2018: SEYMOUR, PACKARD, & MALONE Balance Sheet December 31, 2018 Assets $ 59,000 Cash Non-cash Assets Liabilities $ 28,000 Accounts Payable 120,000 Partners' Equity Seymour, Capital Packard, Capital Malone, Capital Total Partners' Equity $ 148,000 Total Liabilities and Partners' Equity 25,000 41,000 23,000 89,000 $ 148,000 Total Assets Requirements 1. Assume the non-cash assets are sold for $150,000. Journalize the liquidation transactions. 2. Assume the non-cash assets are sold for $100,000. Journalize the liquidation transactions