uestion 6 of 7 -/5 iew Policies urrent Attempt in Progress The partners of Sunland Company have decided to liquidate their business. Noncash assets were sold for $129,940. The income ratios of the partners Cisneros, Gunselman, and Forren are 3: 2:3, respectively. Complete the following schedule of cash paymerits for Sunland Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15,000 or parenthesis e.g. (15,000).) Item Cash + Noncash Assets Liabi Balance before liquidation $14,900 $93,700 Sale of noncash assets and allocation of gain New balances Pay liabilities New Balances Cash distribution to partners $ Final balances e Textbook and Media Attempts: unlimited Suomi AS The partners of Sunland Company have decided to liquidate their business. Noncash assets were sold for $129,940. The income ratios of the partners Cisneros, Gunselman, and Forren are 3:2:3, respectively. Complete the following schedule of cash payments for Sunland Company. (If an amount reduces the account balance then enter with a negative sign preceding the number e.g. -15.000 or parenthesis e.g. (15.000).) Liabilities + + Forren Capital Cisneros Capital $20.900 Gunselman Capital $28,400 $12.000 $47.300 $ e Textbook and Media Current Attempt in Progress Crane Company wishes to liquidate the firm by distributing the company's cash to the three partners. Prior to the distribution of cash, the company's balances are Cash $65,300; Oakley, Capital (Cr.) $52,000; Quaney, Capital (Dr.) $22,680: and Ellis, Capital (Cr.) $35,980. The income ratios of the three partners are 2:4:4, respectively. Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and the distribution of cash to the partners with credit balances. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record write-off of capital deficiency) (To record distribution of cash of partners) e Textbook and Media