On December 31, Nola Company has cash $ 33,500, noncash assets $ 148,000, and liabilities $ 82,500. Capital balances were Harper $ 56,500 and Kahle $ 42,500. The firm is liquidated, and the noncash assets are sold for $ 124,000. Harper and Kahle share income in a 60: 40 ratio. Prepare entries to record (a) the sale of noncash assets and (b) the allocation of the gain (loss) on liquidation to the partners.