Spencer, Palmer, & Maxwell Balance Sheet December 31, 2024 Assets Liabilities Cash 16,000 Accounts Payable 60,000 Non-cash Assets 140,000 Partners' Equity Spencer, Capital 22,000 Palmer, Capital 44,000 Maxwell, Capital 30,000 Total Partners' Equity 96,000 $ 156,000 $ 156,000 Total Assets Total Liabilities and Partners' Equity Accounts Payable Cash Gain on Disposal Loss on Disposal Maxwell, Capital Non-cash Assets Palmer, Capital Spencer, Capital Requirement 1. Assume the non-cash assets are sold for $175,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $175,000. Date Dec. 31 Accounts and Explanation Journalize the allocation of the gain or loss to the partners' capital accounts. Date Dec. 31 Accounts and Explanation Debit Credit Debit Credit Accounts and Explanation Debit Credit Journalize the payment of the liabilities. Date Dec. 31 Journalize the distribution of remaining cash to the partners. Date Dec. 31 Accounts and Explanation Debit Credit Requirement 2. Assume the non-cash assets are sold for $110,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the sale of the non-cash assets for $110,000. Date Dec. 31 Accounts and Explanation Journalize the allocation of the gain or loss to the partners' capital accounts. Date Dec. 31 Accounts and Explanation Journalize the payment of the liabilities. Date Dec. 31 Debit Credit Debit Credit Accounts and Explanation Debit Credit Journalize the distribution of remaining cash to the partners. Date Dec. 31 Accounts and Explanation Debit Credit