The question is as follows: The partners of the MKR Partnership agree to liquidate their partnership on December 31, 2020. At that point, the accounting records show the following balances: Account Debit Credit $15,000 30,000 2,000 4,000 Cash $29,000 Notes Payable Accounts Receivable 21,000 Accounts Payable Allowance for Doubtful Accounts Wages Payable Merchandise Inventory 36,000 M. Samuels, Capital Equipment 18,000 K. Roswell, Capital Accumulated Depreciation-Equipment R. Simpson, Capital 25,000 20,000 7,000 1,000 Total $104,000 $104,000 The partners share profits and losses in a 6:3:1 ratio for Samuels, Roswell, and Simpson, respectively. During the process of liquidation, the following transactions were completed in the below sequence: 1. A total of $50,000 cash was received from selling the non-cash assets. 2. Allocate any gain or loss from the sale to the partners. 3. All liabilities were paid in full. 4. Simpson paid his capital deficiency. 5. The remaining cash was paid to the partners. Instructions: Prepare the journal entries to record the above transactions related to the liquidation of the partnership