Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 7:2:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Assets Liabilities and Capital Cash Noncash Assets $ 15,000 200,000 Accounts Payable Mitchell, Loan Matthews, Capital $ 34,000 11,000 105,000 Mitchell, Capital 44,000 Michaels, Capital Total Assets $215,000 Total Liabilities and Equities 21,000 $215,000 The noncash assets are sold for $150,000. Required: a. Prepare a statement of partnership realization and liquidation. BG LAND DEVELOPMENT COMPANY Statement of Partnership Realization and Liquidation. Lump-Sum Distribution Balances Sale of assets Payment to creditors Outside Creditors Mitchell Payment to partners Balances Capital Balances Cash Noncash Assets Accounts Payable Mitchell Loan Matthews Mitchell Michaels