After completing the liquidation schedule in S12–14, journalize the partnership’s
(a) Sale of noncash assets for $80,000 (use a single account for Noncash Assets),
(b) Payment of liabilities,
(c) Payment of cash to the partners on October 31. Include an explanation with each entry.
Suppose the partnership of Ryan Lauren, Alexis Andrews, and Scott Benroudi introduced in Exhibit 12–5 liquidates by selling all noncash assets for $80,000. Complete the liquidation schedule as shown in Exhibit 12–5 with this new information.