- X Requirements 1. Assuming the partnership sells the non-cash assets for $51,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. 2. Assuming the partnership sells the non-cash assets for $9.000. record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. Dennis, Vintu, and Walsh are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dennis $45,000; Vintu, $30,000, and Walsh, $17,000. The profit-and-loss-sharing ratio has been 2.2.1 for Dennis, Vintu, and Walsh, respectively. The partnership has $76,000 cash $41,000 non-cash assets, and $25,000 accounts payable. Read the equirement . Requirement 1. Assuming the partnership sells the non-cash assets for $51,000, record the journal entries for the sale of non-cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. (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 $51,000. Date Accounts and Explanation Debit Credit Dec 31