Your answer is partially correct.

Sheridan Company at December $31$ has cash $$20,800,$ noncash assets $$105,000,$ liabilities $$54,600,$ and the following capital balances: Floyd $$46,400$ and DeWitt $$24,800.$ The firm is liquidated, and $$120,000$ in cash is received for the noncash assets. Floyd and DeWitt income ratios are $70\%$ and $30\%,$ respectively. Sheridan Company decides to liquidate the partnership.

Prepare the entries to record: $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

a$.$ The sale of noncash assets.

b$.$ The allocation of the gain or loss on realization to the partners.

c$.$ Payment of creditors.

d$.$ Distribution of cash to th partners.