LU PEMUD! 3 days left Register Now CALCULATOR PRINTER VERSION BACK NEXT ACC 112 Project 1C 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 The Jaijairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity $61,000 Notes Payable 192,000 Nicholas Jay, Capital 205,000 Kamla Paul, Capital Stephanie Ram, Capital $458,000 Total Liabilities & Owners' Equity Land Buildings $94,000 73,000 208,000 83,000 $450,000 Total Assets Under the following four independent assumptions, prepare the journal entries for the sale of the land and buildings, allocation of any loss or gain, any deficits), the payment of the ability, and the distributions to the partners, if: 1) The "Land" and "Buildings were sold for $447,000. (Credit account titles are automatically indented where the amount is entered. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted number reflected in your Malawwers, you must enter your answers with commas. Round answers to 2 decimal places, eg. 5,275.25.) Debit Date Account Tities and Explanation 2016 Credit Dec. 20 Gain on Realization ! 397,000 Land 192,000 Buildings 205,000 1A 9 20 B N BO B. wilx ? wymaga MacBook Pro CALCULATOR PRINTER VERSION BACK NEXT (To record the sale and realization of noncash assets) 20 Nicholas Jay, Capital 85000 NIM Kamla Paul, Capital Stephanie Ram, Capital Loss on Realization (To allocate the loss or gain on realization to partners) 20 Notes Payable 94,000 Gain on Realization 94,000 (To record payment of partnership liability) 20 Nicholas Jay, Capital 64500 Kamla Paul, Capital 174000 40500 Stephanie Ram, Capital Cash (To record distribution of cash to partners) 279000 Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below) 1. Scroll to the end of the page and click on the "Save for later" button to save your work MacBook Pro CALCULATOR PRINTER VERSION BACK NEXT Before moving onto the next section, please do the following for screen help, click on the hyperlinks below) 1. Seroll to the end of the page and lick on the "Save for Later button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section. Complete these steps each time you have finished a section. Do not elle on the "Submit Answer button until you have completed all of the sections. 2) The Land" and "Buildings were sold for $312,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs (9) 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, 0.5,275.25.) Debit Credit Date Account Titles and Explanation 2016 Dec. 20 To record the sale and realization of noncash assets) NE QUI B. wij ? BAO Macbook Pro Grace Period: 3 days left Register Now PRINTER VERSION MACK NEXT (To allocate the loss or gain on realization to partners) To record payment of partnership liability) (To record distribution of cash to partners) Before moving onto the next section, please do the following for screen help, click on the hyperlink below) 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the Submit Answers buffonil you have completed all of the sections CALCULATOR PRINTER VERSION BACK 3) The "Land" and "Buildings were sold for $177,000, and any partners with a resulting deficits can and do pay the amount of their deficits. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. Do not use dollar signs (S) 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, eg. 5,275.25.) Debit Credit Date Account Titles and Explanation 2016 Dec. 20 (To record the sale and realization of noncash assets) 20 (To allocate the loss or gain on realization to partners) (To record payment of the capital deficiency by Stephanie) LO ? AN 3. B. wx] CALCULATOR PRINTER VERSION LACK NET (To record payment of partnership liability) (To record distribution of cash to partners) Before moving onto the next section, please do the following for screen help, click on the hyperlink below 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by clicking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section Complete these steps each time you have finished a section. Do not click on the "Submit Answers" button until you have completed all of the sections CALCULATOR PRINTER VERSION NEXT 4) The "Land" and "Buildings were sold for $147,000, and the partners with deficits have no assets other than those invested in the business. (Credit account titles are automatically indented when the amount is entered. Do 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.) Debit Credit Date Account Tities and Explanation 2016 (To record the sale and realization of noncash assets) (To allocate the loss or gain on realization to partners) Stephanie Ram) CALCULATOS PRINTER VERSION MACK NEXT (To record payment of partnership liability) (To record distribution of cash to partners) Before moving onto the next section, please do the following (for screen help, click on the hyperlinks below) 1. Scroll to the end of the page and click on the "Save for Later" button to save your work 2. When you are ready to begin the next section, you can reference the work that you have completed by Micking on the "Printer Version" button at the top of the page. Doing this will open your saved answers in a new window to help you complete the next section, Complete these steps each time you have finished a section. Do not click on the "Submit Answer button until you have completed all of the sections Click if you would like to Show Work for this questions Open Show Work Question Attempts of used SUBMIT ANSWER SAVE FOR LATER I need the specific information that goes on each box. Don't give me extra details that can confuse me Thank you