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: The noncash assets are sold for $150,000. Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Complete this question by entering your answers in the tabs below. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 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: The noncash assets are sold for $150,000. Required: a. Prepare a statement of partnership realization and liquidation. b. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Complete this question by entering your answers in the tabs below. Prepare the required journal entries to account for the liquidation of BG Land Development Company. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field