M&R decided to liquidate the partnership. Non-cash assets were sold for $130,000. M gets 45% of...

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M&R decided to liquidate the partnership. Non-cash assets were sold for $130,000. M gets 45% of profits & losses, and R 55%. Requirement: Prepare the journal entries necessary to liquidate the M&R partnership. (20 wing balances on 30 June 2023: M&R partnership Balance sheet As at 30th Jun 2023 Assets Liabilities & partners' equity Cash $ 25,000 Accounts payablee $ Non-cash assets $ 85,000 Notes payable 25,000 $ 15,000 M, capital $ 30,000 R, capital $ 40,000 Total assets $ 110,000 Total liabilities & equity $110,000 M & R decided to liquidate the partnership. Non-cash assets were sold for $130,000. M gets 45% of profits & losses, and R 55%. M&R decided to liquidate the partnership. Non-cash assets were sold for $130,000. M gets 45% of profits & losses, and R 55%. Requirement: Prepare the journal entries necessary to liquidate the M&R partnership. (20 wing balances on 30 June 2023: M&R partnership Balance sheet As at 30th Jun 2023 Assets Liabilities & partners' equity Cash $ 25,000 Accounts payablee $ Non-cash assets $ 85,000 Notes payable 25,000 $ 15,000 M, capital $ 30,000 R, capital $ 40,000 Total assets $ 110,000 Total liabilities & equity $110,000 M & R decided to liquidate the partnership. Non-cash assets were sold for $130,000. M gets 45% of profits & losses, and R 55%.