Motthews, Mitchell, and Michaels are parthers in BG Land Development Company and share losses in a 6.3:1 ratio, respectively. The balance sheet on June 30,201, when they decide to liquidate the business, is as follows: The noncash assets are sold for $120,000. 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.) Journal entry worksheet Record the sale of the assets. Noter Enter debits before credits. 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.) Journal entry worksheet Record the payment to creditors Note: Enter debits before credits. 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.) Journal entry worksheet Record the final lump-sum distribution to the partners. Note: Enter debits before credits