The Jacques & Madison partnership has the following balances on December 31, 2025:

Jacques and Madison share profits 1:3, respectively. Jacques and Madison decide to liquidate the partnership. Journalize the sale of the non-cash assets for $80,000, the payment of the liabilities, and the payment to the partners. Assume Madison contributes cash equal to the capital deficiency.

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Cash Non-cash Assets JACQUES & MADISON Balance Sheet December 31, 2025 Assets Liabilities $ 20,000 Accounts Payable $ 80,000 120,000 Partners' Equity Jacques, Capital 40,000 Madison, Capital 20,000 Total Partners' Equity 60,000 Total Assets $ 140,000 Total Liabilities and Partners' Equity $140,000