The partnership of Simpton, Pagani, \& Meadow has experienced operating losses for three consecutive years. The partners - who have shared profits and losses in the ratio of Simpton, 5\%; Pagani, 85%; and Meadow, 10\% - are iquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2024: (Click the icon to view the balance sheet.) Read the requirements. Requirements 1. Assume the non-cash assets are sold for $140,000. Journalize the liquidation transactions. 2. Assume the non-cash assets are sold for $80,000. Journalize the liquidation transactions. Data table Requirement 1. Assume the non-cash assets are sold for $140,000. 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 $140,000. Journalize the allocation of the gain or loss to the partners' capital accounts. Journalize the payment of the liabilities. Journalize the distribution of remaining cash to the partners. Journalize the distribution of remaining cash to the partners. Requirement 2 . Assume the non-cash assets are sold for $80,000. 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 $80,000. Journalize the allocation of the gain or loss to the partners' capital accounts. Journalize the payment of the liabilities. Journalize the payment of the liabilities. Journalize the distribution of remaining cash to the partners