Requirements 1. Assuming the partnership sells the non-cash assets for $60,000, 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. 2. Assuming the partnership sells the non-cash assets for $19,000, 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. Show Transcribed Text Dec. 31 Cash Print Gain on Disposal Non-cash Assets Date Dec. 31 Dawkins, Verell, and Walden are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dawkins $46,000; Verell, $25,000; and Walden, $16,000. The profit-and-loss-sharing ratio has been 2:1:1 for Dawkins, Verell, and Walden, respectively. The partnership has $72,000 cash, $47,000 non-cash assets, and $32,000 accounts payable. Read the requirements. To record the sale of non-cash assets at liquidation. Journalize the allocation of the gain or loss to the partners' capital accounts. Accounts and Explanation 3 Requirement 1. Assuming the partnership sells the non-cash assets for $60,000, 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 $60,000. Date Accounts and Explanation Gain on Disposal Verell, Capital Walden, Capital Dawkins, Capital To allocate the gain on liquidation of non-cash assets. Debit C 60,000 Debit - Done Credit 13,000 47,000 Credit