Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 6:3:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Assets Liabilities and Capital Cash $ 21,900 Accounts Payable $ 33,000 Noncash Assets 163,000 Mitchell, Loan 9,000 Matthews, Capital 88,800 Mitchell, Capital 39,900 Michaels, Capital 13,300 Total Assets $184,000 Total Liabilities and Equities $184,000 The noncash assets are sold for $120,000. Required: a. Prepare a statement of partnership realization and liquidation BG LAND DEVELOPMENT COMPANY Statement of Partnership Realization and Liquidation Lump-Sur Distribution Capital Balances Mitchell Cash Noncash Assots Accounts Payable Mitchell Loan Matthews Michaels Balances Sale of assets $ $ 0 0 $ 0 0 $ 0 $ 0 $ 0 $ Payment to creditors Outside Creditors Mitchell ols 0 $ $ 0 0 $ 0 $ 0 $ 0$ Payment to partners Balances $ 0 0 $ 0 $ $ 0 0 $ 0 $ 0 $ Prev 1 of 5 Next >