Sedgwick company t December 31 has a cash $22,400, Noncash asset $108,000, liabilities $57,400, and the following capital balance: Floyd $44,800 and Dewitt $28,00. The firm liquidated, and $118,000 in cash is recieved for the non cash asset.the firm is liquidated, and $118,000 in cash is received for the non cash asset. Floyd and Dewitt income ratios are 60% and 40%, respectively. Sedgwick Company now decides to liquidate the partnership.

Prepare entries to record:

A) sales of noncash asset

b) the allocation of the gain or loss on realization to the partners

c) payment of creditors.

d) distribution of cash to the partners

Account Tiitles and explanation Debit Credit

a)