Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 5:4:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Liabilities and Capita.l Assets Cash Noncash Assets 27,000 Accounts Payable 147,000 Mitchell, Loan 37,000 14,000 75,500 36, 800 10,700 $174,000 Total Liabilities and Equities $174,000 Matthews, Capital Mitchell, Capital ichaels, Capital Total Assets The noncash assets are sold for $110,000. Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of the BG Land Development Company. (If no entry is required for a transaction/ event, select "No journal entry required" in the first account field.)