The partnership of Saxton$,$ Paddison$,$& Martizez has experienced operating losses for three consecutive years. The partnerslong dashwho have shared profits and losses in the ratio of Saxton$,15\%$; Paddison$,75\%$; and Martizez$,10\%$long dashare liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December$31,2024$:

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Part $1$

Requirement $1.$ Assume the$$ non$-$cash assets are sold for $ $170$ comma $000.$ Journalize the liquidation transactions. $($Record debits$$ first, then credits. Select the explanation on the last line of the journal entry$$ table.$)$

Journalize the sale of the$$ non$-$cash assets for $ $170$ comma $000.$

Date

Accounts and Explanation

Debit

Credit

Dec. $31$

Part $2$

Journalize the allocation of the gain or loss to the$$ partners' capital accounts.

Date

Accounts and Explanation

Debit

Credit

Dec. $31$

Part $3$

Journalize the payment of the liabilities.

Date

Accounts and Explanation

Debit

Credit

Dec. $31$

Part $4$

Journalize the distribution of remaining cash to the partners.

Date

Accounts and Explanation

Debit

Credit

Dec. $31$