Exercise 6 (12 points) The ABC Partnership is to be liquidated. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 1:3:2, respectively. The balances before liquidation are as follows: Cash $174,300 Non-Cash Assets $308,600 Liabilities $171,300 Alexa, Capital $150,200 Bitsy, Capital $97,900 Coco, Capital $63,500 Assume the following: 1. The noncash assets were sold for $325,000 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. Instructions Prepare the journal entries to record: (1) the sale of the noncash assets (2) the allocation of the gain or loss to the partners, (3) payment of the liabilities, and (4) distribution of cash to the partners