Sand, Mell, and Rand are partners who share incomes and losses in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the partnership. Before the liquidation, the partnership balance sheet showed the following: Cash $10,000 Total "other assets," $106,000 Total liabilities, $88,000 Sand, Capital, $1,200 Mell, Capital, $11,700 Rand, Capital, $15,100 The "other assets" were sold for $ 85,000.Provide an explanation between 200 and 300 words in length of the requirements for liquidating the partnership. What documents will be needed How will the money be distributed? What other options might there be in place of liquidation