Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Liabilities and Owners' Equity Assets Cash Land Buildings $73,000 Notes Payable 202,000 Nicholas Jay, Capital 172,000 Kamla Paul, Capital $90,000 71,000 203,000 83,000 $447,000 Stephanie Ram, Capital Total Assets $447,000 Total Liabilities & Owners' Equity Under the following "land" and "buildings", allocation of any loss or gain, any deficit(s), the payment of the liability, and the distributions to the partners, if: four independent assumptions, prepare the journal entries for the sale of the 1) The "Land" and "Buildings" were sold for $424,000. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not use dollar signs (S) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas. Round answers to 2 decimal places e.g.5,275.25.) Date Account Titles and Explanation 2016 Dec. 20 Debit Credit To record the sale and realization of noncash assets) 20 (To allocate the loss or gain on realization to partners) 20