question 2 Liquidation the following partnership liquidated with assets, liabilities and capital balances below. ASSETS Cash A/R Inventory vehicle ace. Dep other assets TOTAL ASSETS Liabilities. OE 5000 Notes payable 3500 other liabilities 1000 Capital A 25000 Capital B -12500 capital 1000 23000 TOTAL LIAB+ OE a) if the assets were sold for DATE Description $23,000 .create the appropriate journal entry to record the sale b) allocate the loss or gain amongst the partners DATE Description if the partner share profits 3:1:1 c) create the approriate journal entry to pay off the liabilities DATE Description d) distribute cash to partners Description