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Section 3 Assignment: Financial Statements and Liquidation of a Partnership (31 Points) Part 1 (20 points) Hooks and Franklin are in the process of liquidating their partnership. They share profits and losses in a ratio of 3:1. They have sold all the non cash assets of the partnership. The transactions for the sales are as follows: May 15 Equipment, with a book value of $10,000 was sold for $12,000. May 17 Accounts receivable worth $7,000 sold to a finance broker: $6,800. May 20 Merchandise inventory which cost $3,000, was sold for $1,900 Record the journal entries for the sale of non cash assets by using the general journal. Instructions r both gain and loss. 2. Pass journal entries separately for each transaction 3. Highlight gain or loss on the general journal itself