Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 5:41 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Cash Noncash Assets Total Assets Assets $ 19,000 167,000 $ 186,000 The noncash assets are sold for $120,000 Liabilities and Capital Accounts Payable Mitchell, Loan Matthews, Capital Mitchell, Capital Michaels, Capital Total Liabilities and Equities $ 31,000 9,000 85,500 48,800 11,700 $ 186,000 Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of BG Land Development Company

Matthews, Mitchell, and Micheels are parthers in BG Land Develomment Company and share losses in a 5.41 ratio, respectiveiy. The balance sheet on June 30,201, when they decide to liquidate the business, is as follows The noncash assets are sold for $120000. Required: a. Prepare a statement of partnership realization and liquidation b. Prepare the required jouinal entries to eccount for the liquidetion of BG ABnd Development Company Prepare a statement of partnership realization and liquidation. Journal entry worksheet Record the sale of the assets. Note: Enter debits before credits. Journal entry worksheet Record the payment to creditors. Note: Enter debits before credits. Journal entry worksheet Record the final lump-sum distribution to the partners. Note: Enter debits before credits