Rob Davis, Stewart Vintu, and Vern Wison are liquidating their partner ship. Before selling the assets and paying the liabilities, the capital balances are Davis $$40,000$; Vintu, $$24,000$; and Wilson, $$16,000.$ The profit$-$and$-$loss$-$sharing ratio has been $1$:$1-2$ for Davis, Vintu, and Wilson, respectively. The partnership has $$64,000$ cash, $$38,000$ non$-$cash assets, and $$22,000$ accounts payable.

Requirements

Assuming the partnership sells the non$-$cash assets for $$46,000,$ record the journal entries

a$.$ for the sale of non$-$cash assets,

b$.$ allocation of gain or loss on liquidation,

c$.$ the payment of the outstanding liabilities,

d$.$ the distribution of remaining cash to partners.

The balance sheet of Morrisey Management Consulting, Inc. at December $31,2015,$

reported the following stockholders' equity:

During $2016,$ Morrisey completed the following selected transactions:

Feb. $6$ Declared a $15\%$ stock dividend on common stock. The market value of

Morrisey's stock was $$23$ per share.

$15$ Distributed the stock dividend.

Jul. $29$ Purchased $2,100$ shares of treasury stock at $$23$ per share.

Nov. $27$ Declared a $$0\mathrm{.}20$ per share cash dividend on the common stock outstanding.

Requirements

Record the transactions in the general journal. $($Hint: for the last activity on Nov$\mathrm{.}27,$ don't forget the effect of stock dividends and treasury stock transactions.$)$

Can you please write the answers by explaining the questions in detail?