8:11 : Mom xi . 2% education.wiley.com/w + :D . . . Week 3 - Homework: Chapter 12 Question 9 of 10 2.66 / 4.5 : View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. Ivanhoe Company at December 31 has cash $21,400, noncash assets $105,000, liabilities $50,400, and the following capital balances: Floyd $46,600 and DeWitt $29,400. The firm is liquidated, and $112,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 70% and 30%, respectively. Ivanhoe 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.) 3. 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 the partners. Account Titles and Explanation Debit Credit Cash 112000 Gain on Realization Noncash Assets 105000 b. DeWitt, Capital C. Liabilities 50400 Cash 50400 Floyd, Capital DeWitt, Capital Cash eTextbook and Media Assistance Used Save for Later Attempts: unlimited Submit Answer O