P12-36B Accounting for the liquidation of a partnership he partnership of Saxton, Parkerson, & Murray has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio 2. Loss on Disposal $55,000 of Saxton, 1090; Parkerson, 65%; and Murray, 25% are liquidating the business. They ask vou to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2018 Learning Objective 6 SAXTON, PARKERSON, &MURRAY Balance Sheet December 31, 2018 Assets Liabilities 30,000 Accounts Payable 125,000 Cash $ 58,000 Non-cash Assets Partners' Equity Saxton, Capital Parkerson, Capital Murray, Capital Total Partners' Equity 17,000 48,000 32,000 97,000 $155,000 Total Liabilities and Partners' Equity 155,000 Total Assets Requirements 1. Assume the non-cash assets are sold for $170,000. Journalize the liquidation transactions. 2. Assume the non-cash assets are sold for $70,000. Journalize the liquidation transactions