Problem 1 Chapter 12 Immediately prior to the process of liquidation, partners Micco, Niccum, and Orwell have capital balances of $70,000, $20,000, and $30,000, respectively. There is a cash balance of $10,000, noncash assets total si 60,000, and liabilities total S50.000The partners share net income and losses in the ratio of 2:2:1. Required Journalize the entries to record the liquidation outlined below. Refer to the Chart of Accounts for exact wording of account titles. Sold the noncash assets for $80,000 in cash. Divided the loss on realization. Paid the liabilities. Received cash from the partner with the deficiency. Distributed the cash to the partners CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Revenues 120 Noncash Assets 411 Gain on LIABILITIES Realization 210 Liabilities EXPENSES EQUITY 510 Expenses 310 Micco, Capital 511 Loss on Realization 311 Micco, Drawing 312 Niccum, Capital 313 Niccum, Drawing 314 Orwell, Capital