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Matthews, Mitchell, and Michaels are partners in the BG Land Development Company and share losses in a 6:3:1 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the business, is as follows: Assets Liabilities and Capital Cash $ 10,000 Accounts Payable $ 32,000 Noncash Assets 172,000 Mitchell, Loan 12,000 Matthews, Capital 87,200 Mitchell, Capital 38,600 Michaels, Capital 12,200 Total Assets $ 182,000 Total Liabilities and Equities $ 182,000 The noncash assets are sold for $130,000. Required: a. Prepare a statement of partnership realization and liquidation.
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