Reagan and Perry share profits in the ratio 1:5 and have capital balances of $125,000 each. They have decided to liquidate the partnership. The non-cash assets were listed on the balance sheet at $60,000 but were sold for $63,000. The company has no liabilities. Journalize for the allocation of the gain and for the distribution of cash to the partner. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the allocation of the gain. Accounts Debit Credit Journalize the distribution of cash to the partners Accounts Debit Credit