Suppose that Huey, Duey, and Loule have the following assets: Cash $200,000; Automobile $60,000; Building $200,000; and Land $ 300,000. Liabilities for the partnership are as follows: Accounts Payable $150,000. The capital structure of the partnership is as follows: Huey $200,000; Duey $250,000; and Loule $160,000. All profits and losses will be allocated as follows: 2:3:5 Suppose that on July 1, the partnership sold all of its assets (except cash) to Disney for $440,000. What is the journal entry to sell off the assets? (6 marks)* Your answer What is the journal entry to allocate the gain/loss on sale of the assets? (4marks) Your answer What is the 3rd journal entry? (2marks) * Your answer What is the final journal entry to distribute the cash to the partners? (4 marks)* S