Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in 8 532 ratio, respectively. The balance sheet on June 30, 20XL, when they decide to liquidate the business is as follows assets Lities and all CHER 5.17,00 Accounts Payable $35.000 Nocash Assets 163.000 Mitchell, Loan 12,600 Matthews, Capital 79,500 Mitchell, Capital Richais, Capital Total Assets SLI, Total Liabilities and Equities $10.000 The noncash assets are sold for $130.000 Required: a. Prepere a statement of partnership realtion and liquidation BG LAND DEVELOPMENT COMPANY Stamento Partnership Reab and Liquidation Lumpsuit Capital Balance Canh Nocu che Accounts Payale Mathew Balances Sale of assets Payment to creation Outside Creditors Michel Payment to partners Balances b. Prepare the required journal entries to account for the liquidation of the BG Land Development Company. Of no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet