The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2022: The partners share incomes and losses in the ratio of 3:5:2 for Art, Bart, and John, respectively. Required: Prepare journal entries to record the following: a. Sale of Inventory for $120,000 cash b. The Allocation of the Gain/Loss from the inventory sale to the partners c. Payment of the liability d. Final Distribution of cash to the partners The following is a condensed balance sheet for a partnership immediately prior to liquidation on December 31, 2022: The partners share incomes and losses in the ratio of 3:5:2 for Art, Bart, and John, respectively. Required: Prepare journal entries to record the following: a. Sale of Inventory for $120,000 cash b. The Allocation of the Gain/Loss from the inventory sale to the partners c. Payment of the liability d. Final Distribution of cash to the partners