On March 31, 202x, the partners of the Blue Tooth Partnership agree to liquidate. The balance sheet appeared as follows on the date of liquidation: Blue Tooth Partnership Balance Sheet March 31, 202x Assets Liabilities Cash $144,000 Accounts Payable $50,000 $110,000 Equipment Less: Accum. Deprec. 60,000 50,000 Partners' Equity Ed, Capital Zee, Capital $90,000 60,000 Ned, Capital (6,000) Total Liabilities & Partners' Equity Total Assets $194,000 $194,000 Required: Prepare all journal entries required to end the partnership given the following assumptions: 1. The equipment was sold for $40,000. Ed, Zee, and Ned share income and losses 3:2:1. 2. 3. Ned was able to pay his deficiency