STATEMENT OF PARTNERSHIP LIQUIDATION WITH LOSS After several years of operations, the partnership of Nelson, Pope, and Williams is to be liquidated. After making closing entries on March 31, 20--, the following accounts remain open: Account Title Cash Inventory Other Assets Liabilities C. W. Nelson, Capital J. R. Pope, Capital M. L. Williams, Capital Account Balance Debit Credit $ 15,000 40,000 220,000 $ 75,000 40,000 60,000 100,000 The noncash assets are sold for $230,000. Profits and losses are shared equally. REQUIRED 1. Prepare a statement of partnership liquidation for the period April 1-15, 20--, showing the following: (a) The sale of the noncash assets on April 1 (b) The allocation of any gain or loss to the partners on April 1 (c) The payment of the liabilities on April 12 (d) The distribution of cash to the partners on April 15 2. Journalize these four transactions in a general journal