(Liquidation of Partnerships) Question 1 of 1 Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Assets Cash Land Buildings Total Assets The Jaijairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity Notes Payable Nicholas Jay, Capital kamla Paul, Capital Stephanie Ram, Capital $447.000 Total Liabilities & Owners' Equity $73,000 202,000 172,000 .. $90,000 71,000 -/25 E 203,000 83,000 $447,000 Under the following four independent assumptions, prepare the journal entries for the sale of the "land" and "buildings", allocation c any loss or gain, any deficit (s), the payment of the liability, and the distributions to the partners, if: 1) The "Land" and "Buildings" were sold for $424,000. (Credit account titles are automatically indented when the amount is entered. De not indent manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places, e.g. 5,275.25.)