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ENMENT RESOURCES ter 12 Homework ief Exercise 12-2 ef Exercise 12-5 ItL Review 12-3 /tL Review 12-3 ercise 12-2 (Part el Submission) ercise 12-5 (Part eel Submission) ercise 12-6 (Part el Submission) ncise 12-8 rcise 12-9 Exercise 12-9 Your answer is partially correct. Try again. Sedgwick Company at December 31 has cash $20,200, noncash assets $106,000, labities $55,800, and the following capital balances: Floyd $46,200 and Dew $24,200 The fim liquidated, and $118,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%, respectively. Sedgwick Company new decides to liquide ther partnership. Prepare the entries to record: (Credit account titles are automatically indented when amount is entered. Do not indent manually) (a) The sale of noncash assets. (b) The allocation of the gain or loss on realization to the partners. (e) Payment of creditors. (d) Distribution of cash to the partners Credit ACCOUNE IIties ana Expianation veDIt Creart ES (a) 118000 Cash Noncash Assets 106000 Gain on Realization 12000 (b) Gain on Realization 12000 Floyd, Capital 7280 DeWitt, Capital 4800 (e) Gain on Realization 55800 Cash 55800 Floyd, Capital (d) 53400 DeWitt, Capital 29000 Cash 82400 Click if vou would like to Show Work for this auestion: Onen Sho Work