On December 31, Thompson Company has cash $30,000, noncash assets $150,000, and liabilities $80,000. Capital balances were Stine $55,000 and Pine $45,000. The firm is liquidated, and the noncash assets are sold for $115,000. Stine and Pine share income in a 60:40 ratio. Instructions Prepare entries to record (a) the sale of noncash assets and (b) the allocation of the gain (loss) on liquidation to the partners