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 $ 10,000 Accounts Payable $ 32,000 Noncash Assets 172,000 Mitchell, Loan 12,000 Matthews, Capital 87,200 Mitchell, Capital 38,600 Michaels, Capital 12,200 Total Assets $ 182,000 Total Liabilities and Equities $ 182,000 The noncash assets are sold for $130,000 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 )

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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,

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	$	10,000	Accounts Payable	$	32,000
Noncash Assets		172,000	Mitchell, Loan		12,000
			Matthews, Capital		87,200
			Mitchell, Capital		38,600
			Michaels, Capital		12,200
Total Assets	$	182,000	Total Liabilities and Equities	$	182,000

The noncash assets are sold for $130,000. 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.)