Record the shared profit and losses for the two following scenario's of a partnership Question 10- LiquidationThe partnership of Pen, Pencil and Quill is done. The partners have shared profits and losses in theratio of Pen, 10 percent, Pencil, 40 percent and Quill, 50 percent.a) If the non-cash assets are sold for $ 558,000 - The opening balances have been given to youCashNon CashLiabilitiesPenPencilQuillAssetsBalance before sale ofassets74 000530,000316,00087,000103,00098,000Sale of assetsBalancesPayment of liabilitiesBalancesDisbursement of cash toPartnersFinal balancesb) If the non-cash assets are sold for 5451,000CashNon CashLiabilitiesPenPencilQuillAssetsBalance before sale ofassets74,000530,000316,00087,000103,00098,000Sale of assetsBalancesPayment of liabilitiesBalancesDisbursement of cash toPartnersFinal balancesRecord the journal entries to record the liquidation transactions in b) above10