Problem C - VI _ Partnership Liquidation ( 20 points ) The balance sheet of the Tri Brothers Partnership just prior to liquidation appears below :" Tri Brothers Partnership Balance Sheet December 31 , 2014 Assets Liabilities and Owners' Equity Cash $ 140, 000 Liabilities $240, 000 Noncash assets 380, 000 Grayson , Capital 40, 000 Lawson , Capital 160 , 000 Myers , Capital 80, 000 $520, 000 $520, 000 Other information :" 1 . The partners Grayson , Lawson , and Myers share profits and losses in the ratio of 6:3:1 . 2 . The noncash assets are sold for $280 , 000 . The liabilities are paid in full ." 4 . The remaining assets are distributed to the partners . Assume that if any partner has a capital deficiency , he will not be able to pay the amount owed to the partnership . Instructions : Prepare the five entries to record the liquidation of the Tri Brothers Partnership