Ron Danks, Samuel Vale, and Vinn Waddington are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Danks $50,000; Vale, $34,000; and Waddington, $22,000. The profit-and-loss-sharing ratio has been 2:1:1 for Danks, Vale, and Waddington, respectively. The partnership has $91,000 cash, $41,000 non-cash assets, and $26,000 accounts payable. Requirements 1. Assuming the partnership sells the non-cash assets for $50,000, 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 $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