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: Assets Cash Noncash Assets $ 18,000 156, eee Liabilities and Capital Accounts Payable Mitchell, Loan Matthews, Capital Mitchell, Capital Michaels, Capital Total Liabilities and Equities $ 38,eee 15, eee 74,000 35,400 11,600 $174,000 Total Assets $174,000 The noncash assets are sold for $120,000. Required: a. Prepare a statement of partnership realization and liquidation Ches Statement of Partnership Relation and Liquidation Lump-Sum Distribution Capital Balances Cash Noncash Assets Accounts Payable Mitchell Loan Matthews Mitchell Michaels Balances Sale of assets $ 0 $ 0 $ 0 $ 0$ 0 $ 0 $ 0 Payment to creditors Outside Creditors Mitchell $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 Payment to partners Balances $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Journal entry worksheet A B Record the sale of the assets. Note: Enter debits before credits. Event General Journal 1