Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 5.3.2 ratio, respectively. The balance sheet on June 30, 20x1, when they decide to liquidate the business, is as follows: ut Labs and capital Cash $9,000 Accounts Payable $ 26,000 Noncash Aset 135,000 Mitchell, Loan 15,000 Matthews, Capital 65,000 Mitchell, Capital 24,000 Michaels, Capital 14,000 Total Aceta $144,000 Total Liabilities and Equities 0144,000 The noncash assets are sold for $105,000, Required: . Prepare a statement of partnership realization and liquidation, BO LAND DEVELOPMENT COMPANY Statement of Partnership Realization and Liquidation Lump-Bum Distribution Capital ances Non Cash Accounts Mitchell Loan Matthew Mitchell Michael Banos Sale of 5 9 05 03 OS 05 OS 0 Payvont tortor Outside Credit S OS OS OS 03 os 0 Patate Dan 5 OS 05 03 03 os 0 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.) View transaction list Journal entry worksheet B Record the sale of the assets Event General Journal Dot Cro econdary 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.) View transaction llat Journal entry worksheet B Record the payment to creditors Note: Enter debts before credits Event 2 General Journal Doble Credit Record entry Clear entry View general Journal 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.) View transaction line Journal entry worksheet