I need help on Part B...

Exercise 16-2 John, Jake, and Joe are partners with capital accounts of $89,000, $71,000, and $60,000 respectively. They share profits and losses in the ratio of 30:40:30. When the partners decide to liquidate, the business has $71,000 in cash, noncash assets totaling $262,000, and $113,000 in liabilities. The noncash assets are sold for $271,000, and the creditors are paid. v (a) Your answer is correct. Prepare a schedule of partnership liquidation. (Enter credit balance of an account and credit posting to an account with negative sign preceding the number, e.g.-45 or parentheses, e.g. (45).) Noncash Assets Capital Balances Jake Cash Liabilities John Joe Account Balances 71,000 262,000 (113,000) (89,000) (71,000) (60,000) Sale of Assets 271,000 (262,000) (2,700) (3,600) (2,700) 342,000 (113,000) (91,700) (74,600) (62,700) M Payment to Creditors (113,000) 113,000 229,000 (91,700) (74,600) (62,700) Cash Distribution (229,000) 91,700 74,600 62,700 v (b) Prepare journal entries to record each of the following transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) (1) (2) (3) The sale of the noncash assets. The payment to the creditors. The distribution of cash to the partners. Debit Credit No. Account Titles and Explanation (1) (2) (3)