Exercise 4: (20 points) Doug, Davis and Dwight are in the process of liquidating their partnership. They share profits and losses in a 8:6:2 ratio. Current balance sheet for the partnership: Cash Land $580,000 800,000 A/P Doug, capital Davis, capital Dwight, capital $320,000 340,000 490,000 230,000 Total assets $1,380,000 Total liabilities and capital $1.380.000 If land is sold for $780,000, journalize the steps of the liquidation process and show your calculations