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E16-4 Lump-Sum Liquidation LO 16-2 a 5 4 1 ratio, respectively The balance sheet on June 30, 20X1, when they decide to liquidate the business is as follows Matthews, Mitchel, and Michaels are partners in the BG Land Development Company and share losses in and Capital $ 25,000 10,000 66.500 28,400 12,100 s 11,000 Accounts Payable Cash Noncash Assets 131,000 Mitchell, Loan Matthews, Capital Mitchell, Capital Michaels, Capital Total Assets 142.000 Total Liablibes and Equities $142,000 The noncash assets are sold for $100,000 Required: a Prepare a statement of partnership realization and liquidation BG LAND DEVELOPMENT COMPANY Statement of Partnership Realization and Liquidation Lump-Sum Distribution Capital Balances Noncash Accounts Mitchell Matthews Cash Mitchell Michaels Balances Sale of assets o S Payment to creditors Outside Creditors Mtchell Payment to partners Batances 01$