The partnership of Stratton, Pachelo, & Mitchell has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of Stratton, 5%; Pachelo, 75%; and Mitchell, 20%-are liquidating the business. They ask you to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2025: Requirement 1. Assume the non-cash assets are sold for $140,000. Journalize the liquidation transactions. (Record debits fi entry table.) Journalize the sale of the non-cash assets for $140,000. Date Dec. 31 Accounts and Explanation Journalize the payment of the liabilities. Date Dec. 31 Debit Credit Date Journalize the allocation of the gain or loss to the partners' capital accounts. Accounts and Explanation Debit Credit Dec. 31 Accounts and Explanation Debit Credit Journalize the payment of the liabilities. Date Dec. 31 Accounts and Explanation Debit Credit Journalize the allocation of the gain or loss to the partners' capital accounts. Date Dec. 31 Accounts and Explanation Debit Credit Journalize the distribution of remaining cash to the partners. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the distribution of remaining cash to the partners. Date Accounts and Explanation Debit Credit Dec. 31 Accounts Payable To allocate the gain on liquidation of non-cash assets. Cash Requirement 2. Assume the non-cash assets are sold for $70,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) To allocate the loss on liquidation of non-cash assets. Gain on Disposal Journalize the sale of the non-cash assets for $70,000. Loss on Disposal Date Accounts and Explanation Debit Credit Mitchell, Capital Dec. 31 To distribute remaining cash based on partners' capital balances. To record the payment of outstanding liabilities. To record the sale of non-cash assets at liquidation. Non-cash Assets Pachelo, Capital Stratton, Capital