The partnership of Saxton, Parkerson, & Meadow has experienced operating losses for three consecutive years. The partners who have shared profits and losses in the ratio of Saxton, 15%; Parkerson, 60%; and Meadow, 25%-are liquidating the business. They ask you 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 $160,000. Journalize the liquidation transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Joumalize the sale of the non-cash assets for $160,000. Date Accounts and Explanation Debit Credit Dec. 31 i Data Table Joumalize the allocation of the gain or loss to the partners' capital accounts Date Accounts and Explanation Debit Credit Assets Saxton, Parkerson, & Meadow Balance Sheet December 31, 2018 Liabilities 22,000 Accounts Payable 140,000 Partners' Equity Saxton, Capital Parkerson, Capital Dec. 31 Cash $ 63,000 Non-cash Assets 21,000 49,000 29,000 Joumalize the payment of the liabilities, Meadow, Capital Total Partners' Equity 99,000 Date Accounts and Explanation Debit Credit 162,000 162,000 Total Assets Total Liabilities and Partners' Equity Dec. 31 Print Done Joumalize the distribution of remaining cash to the partners. Requirements Date Accounts and Explanation Debit Credit Dec. 31 1. Assume the non-cash assets are sold for $160,000. Journalize the liquidation transactions 2. Assume the non-cash assets are sold for $110,000. Journalize the liquidation transactions. Print Done Choose from any list or enter any number in the input fields and then continue to the next