PRINTER VERSION 4 BACK NEXT Exercise 12-9 Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $50,000, and the following capital balances: Floyd $42,000 and DeWitt $28,000. The firm is liquidated, and $110,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The sale of noncash assets. (b) The allocation of the gain or loss on realization to the partners. (c) Payment of creditors. (d) Distribution of cash to the partners. Account Titles and Explanation Debit Credit (a) (b) PRINTER VERSION TO DISUDULOT OF LOSI me parurers. IT RESOURCES work Account Titles and Explanation Debit Credit (a) 12-4 (Part mission) 12-9 2-10 (Part mission) 1-3A (Part mission) V (b) -e ults by Study (C) (d) Click if you would like to Show Work for this question: Open Show Work