The Jackson & Mack partnership has the following balances on December 31, 2016:

Jackson and Mack share profits 1:1, respectively. Jackson and Mack decide to liquidate the partnership. Journalize the sale of the non-cash assets for $56,000, the payment of the liabilities, and the payment to the partners. Assume Mack contributes cash equal to the capital deficiency.

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ACKSON & MACK Balance Sheet December 31, 2016 Assets Liabilities 84,000 48,000 Accounts Payable 104,000 Cash Non-cash Assets Partners' Equity Jackson, Capital Mack, Capital Total Partners' Equity 50,000 18,000 68,000 152,000 Total Assets 152,000 Total Liabilities and Partners' Equity