The partnership of Stratton, Pan, & Mitchell has experienced operating losses for three consecutive years. The partnerswho have shared profits and losses in the ratio of Stratton, 5%; Pan, 85%, and Mitchell, 10%-are liquidating the business. TI to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Assume the non-cash assets are sold for $165,000. 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 $165,000. Date Accounts and Explanation Debit Credit Data Table Dec. 31 Stratton, Pan, & Mitchell Journalize the allocation of the gain or loss to the partners' capital accounts. Assets Date Accounts and Explanation Debit Credit Cash Balance Sheet December 31, 2018 Liabilities 55,000 Accounts Payable 105,000 Partners' Equity Stratton, Capital Pan, Capital 57,000 Dec. 31 Non-cash Assets 23,000 47,000 33,000 Mitchell, Capital Choose from any list or enter any number in the input fields and then continue to the next question. Total Partners' Equity 103,000 $ $ 160,000 Total Liabilities and Partners' Equity Total Assets 160,000 Type here to search 7 o ra () 3:07 PM 12/2/2019 The partnership of Stratton, Pan, & Mitchell has experienced operating losses for three consecutive years. The partnerswho have shared profits and losses in the ratio of Stratton, 5%; Pan, 85%, and Mitchell, 10%-are liquidating the business. TI to analyze the effects of liquidation. They present the following condensed partnership balance sheet at December 31, 2018: (Click the icon to view the balance sheet.) Read the requirements. Journalize the allocation of the gain or loss to the partners' capital accounts. Date Accounts and Explanation Debit Credit Dec. 31 Journalize the payment of the liabilities. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search A u ra ? 3:07 PM 12/2/2019 55