The Johnson-Smith partnership presented the following balance sheet on 12/31/11:

Assets:

Cash $40,000

Accounts Rec. $55,000

Inventory $43,000

Plant & Equip $190,000

Accum Dep'r ($50,000)

Total Assets $278,000

Liabilities and Owner Equity:

Accounts Payable $74,000

Johnson, Capital $104,000

Smith, Capital $100,000

Total Equities $278,000

On January 1st, 2012, the Johnson-Smith partnership was liquidated. The partners were able to get only $168,000 for its noncash assets. The partners share profits and losses in the ratio 5:3.

Present the journal entry or entries to record the liquidation of the partnership.