On October 1, the firm of Ewing, Johnson, and Landry, decided to liquidate their partnership. The partners have capital balances of $100,000, $90,000, and $30,000 respectively. The cash balance is $20,000, the book values of noncash assets total $250,000 and liabilities total $50,000. The partners share income and losses in the ratio 2:2:1. Instructions Prepare a statement of partnership liquidation, covering the period October 1 through October 30 for each of the following assumptions. 1. All of the noncash assets are sold for $330,000 in cash, the creditors are paid, and the 2. All of the noncash assets are sold for $120,000 in cash, the creditors are paid, and the 3. All of the noncash assets are sold for $50,000 in cash, the creditors are paid, the paid, the remaining cash is distributed to the partners. remaining cash is distributed to the remaining partners. partner with the debit balance pays the amount owed to the firm, and the remaining cash is distributed to the partners