Chapter 12 Question 4, Problem 12-7B (similar to) Part 1 of 10 > HW Score: 0%, 0 of 10 points O Points: 0 of 2 Save The partnership of Drake, Chen, and Silver has experienced operating losses for three consecutive years. The partners, who have shared profits and losses in the ratio of Jill Drake, 10 percent, Daniel Chen, 40 percent, and Andrew Silver, 50 percent, are considering the liquidation of the business. They ask you to analyze the effects of liquidation under various possibilities about the sale of the noncash assets. They present the following partnership balance sheet amounts at December 31, 2020: (Click the icon to view the balance sheet.) Required Requirement 1a. Prepare a summary of the liquidation transactions for (a) the noncash assets are sold for $561,000. (Use parentheses or a minus sign when subtracting numbers. Enter a balance for every account after every transaction. Enter "0" if the account has a zero balance.) Noncash Drake Capital Chen Silver Cash + Assets = Liabilities + (10%) + (40%) + (50%) Balance before sale of assets $ 84,000 Sale of assets and sharing of gain.. Balances... = + $ 531,000 = $ 316,000 +$ 86,000 +$110,000 + $103,000 + + + + + + + utive years. The partners, who have s niel Chen, 40 percent, and Andrew Silver, 50 percent, are considering the liquidation of the busines s possibilities about the sale of the noncash assets. They present the following partnership balance e balance sheet Balance sheet um ab Cash $ 84,000 Liabilities $ 316,000 Noncash assets 531,000 Jill Drake, capital 86,000 Daniel Chen, capital 110,000 Andrew Silver, capital 103,000 $ 615,000 $ 615,000 Total assets Total liabilities and capital S f gai Print Done - - X Calculator Ask my instructor Clear all Part 1 of 10 , and Silver has experienced operating losses for three consecutive years. The partners, who have shared profits Daniel Chen, 40 percent, and Andrew Silver, 50 percent, are considering the liquidation of the business. They ask ous possibilities about the sale of the noncash assets. They present the following partnership balance sheet amou the balance sheet.) Required Required 1. Prepare a summary of liquidation transactions for each of the following situations: a. The noncash assets are sold for $561,000. b. The noncash assets are sold for $450,000. 2. Make the journal entries to record the liquidation transactions in Requirement 1(b). Print Done or a min Calculator Ask my instructor Clear all Che