STATEMENT OF PARTNERSHIP LIQUIDATION WITH GAIN After several ve of operations, the partnership of Baldwin, Cowan, and Stewart is to be liquidated After making closing entries on June 30, 20--, the following accounts remain open. Account Balance Account Title Debit Credit Cash $ 5,000 Inventory 55,000 Other Assets 180,000 Liabilities $40,000 R. J. Baldwin, Capital 50,000 N. R. Cowan, Capital 90,000 K. M. Stewart, Capital 60,000 The noncash assets are sold for $250,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period July 1-20, 20--, showing the following: (a) The sale of noncash assets on July 1 (b) The allocation of any gain or loss to the partners on July 1 (c) The payment of the liabilities on July 15 (d) The distribution of cash to the partners on July 20 2. Journalize these four transactions in a general journal