Simple Liquidation LO 3 The Discount Partnership is being liquidated. The current balance sheet is shown here. Dawson, Feeney, and Hardin share profits and losses in a 30:40:30 ratio. Required: A. Prepare a schedule of partnership liquidation for each of the following three independent cases. (1) The noncash assets are sold for $60,000, and any partner with a deficit is unable to eliminate any of the deficit. (2) The noncash assets are sold for $60,000, and any partner with a deficit is able to invest cash equal to the amount of the deficit. (3) The noncash assets are sold for $50,000, and any partner with a deficit is able to invest up to $8,000 cash in the partnership. B. Prepare all necessary journal entries for case 2 above. Simple Liquidation LO 3 The Discount Partnership is being liquidated. The current balance sheet is shown here. Dawson, Feeney, and Hardin share profits and losses in a 30:40:30 ratio. Required: A. Prepare a schedule of partnership liquidation for each of the following three independent cases. (1) The noncash assets are sold for $60,000, and any partner with a deficit is unable to eliminate any of the deficit. (2) The noncash assets are sold for $60,000, and any partner with a deficit is able to invest cash equal to the amount of the deficit. (3) The noncash assets are sold for $50,000, and any partner with a deficit is able to invest up to $8,000 cash in the partnership. B. Prepare all necessary journal entries for case 2 above