Ray Douglas Seth Vida, and Vlad Warden are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Douglas $48,000; Vida, $29,000; and Warden, $17,000. The profit-and-loss-sharing ratio has been 3:1:1 for Douglas, Vida, and Warden, respectively. The partnership has $71,000 cash, $48,000 non-cash assets, and $25,000 accounts payable

Requirements

1.	Assuming the partnership sells the non-cash assets for $55,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstandingliabilities, and the distribution of remaining cash to partners.
2.	Assuming the partnership sells the non-cash assets for $17,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstandingliabilities, and the distribution of remaining cash to partners.

Requirement 1. Assuming the partnership sells the non-cash assets for $55,000,

record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Journalize the sale of the non-cash assets for $55,000.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the allocation of the gain or loss to the partners' capital accounts.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the payment of the liabilities.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the distribution of remaining cash to the partners.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Requirement 2. Assuming the partnership sells the non-cash assets for $17,000,

record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)Journalize the sale of the non-cash assets for $17,000.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the allocation of the gain or loss to the partners' capital accounts.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the payment of the liabilities.

Date			Accounts and Explanation	Debit	Credit
Dec. 31

Journalize the distribution of remaining cash to the partners.

Date			Accounts and Explanation	Debit	Credit
Dec. 31