*ACC 112 Project 1C Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Assets Liabilities and Owners' Equity Cash $80,000 Notes Payable $91,000 Land 204,000 Nicholas Jay, Capital 74,000 Buildings 164,000 Kamla Paul, Capital 203,000 Stephanie Ram, Capital 80,000 Total Assets $448,000 Total Liabilities & Owners' Equity $448,000 Under the following four independent assumptions, prepare the journal entries for the sale of the "land" and "buildings", allocation of any loss or gain, any deficit(s), the payment of the liability, and the distributions to Your answer is partially correct. Try again. 3) The "Land" and "Buildings" were sold for $143,000, and any partners with a resulting deficits can and de manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted number Your answer is partially correct. Try again. 4) The "Land" and "Buildings" were sold for $128,000, and the partners with deficits have no assets other than those invested in the business. ( manually. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, Date Account Titles and Explanation Debit Credit 2016 Date Account Titles and Explanation Debit Credit 2016 Dec. 20 Cash [143000 Dec. 20 Cash 128000 Land 204000 Land 204000 Buildings 164000 Buildings [164000 Loss on Realization 225000 Loss on Realization 240000 (To record the sale and realization of noncash assets) (To record the sale and realization of noncash assets) 20 TNicholas Jay, Capital 122500 20 TNIcholas Jay, Capital T24000 Tkamla Paul, Capital 190000 Tkamla Paul, Capital 196000 4.12500 Stephanie Ram, Capital TStephanie Ram, Capital [120000 Loss on Realization 1225000 Loss on Realization 1240000 (To allocate the loss or gain on realization to partners) (To allocate the loss or gain on realization to partners) 20Cash 20TNicholas Jay, Capital T800 132500 Tkamla Paul, Capital 32000 Stephanie Ram, Capital [32500 Stephanie Ram, Capital (To record write-off of the capital defliciency by Stephanie Ram) 740000 (To record payment of the capital deficiency by Stephanie) 20 TNotes Payable 191000 20 TNotes Payable 91000 TCash 191000 Cash 191000 (To record payment of partnership llability) (To record payment of partnership liablity) 0Nicholas Jay, Capital 151500 20 TNIcholas Jay, Capital 142000 Tkamla Paul, Capital [113000 kamla Paul, Capital 175000 Cash 1164500 TCash 117000 (To record distribution of cash to partners) (To record distribution of cash to partners) *ACC 112 Project 1C Nicholas Jay, Kamla Paul, and Stephanie Ram plan to liquidate their partnership. They have always shared losses and gains in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: The Jaijairam Company Balance Sheet December 20, 2016 Assets Liabilities and owners' Equity Cash $80,000 Notes Payable $91,000 Land 204,000 Nicholas Jay, Capital 74,000 Buildings 164,000 Kamla Paul, Capital 203,000 Stephanie Ram, Capital 80,000 Total Assets $448,000 Total Liabilities & Owners' Equity $448,000 Under the following four independent assumptions, prepare the journal entries for the sale of the "land" and "buildings", allocation of any loss or gain, any deficit(s), the payment of the liability, and the distributions to 2 Your answer is partially correct. Try again. 1) The "Land" and "Buildings" were sold for $398,000. (Credit account titles are automatically formatted numbers reflected in your final answers, you must enter your answers with cor 2 Your answer is partially correct. Try again. 2) The "Land" and "Buildings" were sold for $283,000. (Credit account titles are automatically inder formatted numbers reflected in your final answers, you must enter your answers with comma: Date Account Titles and Explanation Debit Credit Đate Account Titles and Explanation Debit Credit 2016 2016 Dec. 20 Cash T398000 Dec. 20 TCash 1283000 Land [204000 Land 204000 Buildings 1164000 Buildings 164000 Gain on Realization 30000 (To record the sale and realization of noncash assets) Loss on Realization 85000 20 TNicholas Jay, Capital 3000 (To record the sale and realization of noncash assets) 20 TNicholas Jay, Capital Tkamla Paul, Capital [12000 T8500 Stephanie Ram, Capital 15000 Kamla Paul, Capital 34000 Stephanie Ram, Capital T42500 Gain on Realization 30000 Loss on Realization 785000 (To allocate the loss or gain on realization to partners) (To allocate the loss or gain on realization to partners) 2d Notes Payable 20- 191000 20 TNotes Payable 91000 Cash 91000 TCash 1000 (To record payment of partnership llability) (To record payment of partnership liability) 20TNIcholas Jay, Capital 777000 20 Nicholas Jay, Capital 165500 Tkamla Paul, Capital 215000 TKamla Paul, Capital T169000 Stephanie Ram, Capital 195000 Stephanie Ram, Capital Cash 137500 TCash 387000 1272000 (To record distribution of cash to partners) (To record distribution of cash to partners) ీ சிசிசி