Question 4- The balance sheet of Ryan, James and Peter firm as on December 31, 2019, is given below. Liabilities Accounts Payable $17,000 $15,000 Assets Cash Accounts Receivable Furniture Equipment Other assets 25,000 21,000 5,000 10,000 9,000 Other liabilities Partner's Equity Ryan Capital Peter, Capital James, Capital Total liabilities and partner's Jequity 10,000 10,000 2.000 Total assets $62.000 $62.000 Ryan, Peter, and James share profits in the ratio 2:2:1. They have decided to liquidate the partnership with immediate effect. The furniture, the equipment, and other assets were sold at a cumulative loss of $10,000. The accounts receivable were duly received in cash. The accounts payable and other liabilities were paid off at book value. Prepare the necessary liquidating journal entries