The Nice, Rice, and Dice Partnership has not been successful. The partners have determined they must liquidate their partnership. The partners have agreed to liquidate the partnership.Prior to the liquidation, the partnership balance sheet reflects the following book values:

Cash $18,000

Noncash assets 51,000

Note receivable-Nice 3,000

Other liabilities 20,000

Capital, Nice 6,000

Capital, Rice 30,000

Capital, Dice 16,000

Profits and losses are shared 45% to Nice, 35% to Rice, and 20% to Dice. A review of the individual partner's personal net worth reveals the following:

AssetsLiabilities

Nice165,000162,000

Rice200,000110,000

Dice185,00090,000

The following transactions occur:

a. Assets having a book value of $51,000 are sold for $22,000 cash

b. Liabilities are paid, where possible

c. Partners contribute from their personal net worth, according to RUPA requirements

Prepare journal entries to liquidate the partnership.A schedule of liquidation may aid you in preparation of journal entries.