*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 Z Your answer is partially correct. Try again. 3) The "Land" and "Buildings" were sold for $143,000, and any partners with a resulting deficits can and di manually. Do not use dollar signs ($) 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 Date Account Titles and Explanation Debit Credit 2016 2016 Dec. 20 Cash 143000 Dec. 20 Cash T128000 Land 204000 Land 204000 TBuildings T164000 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 Nicholas Jay, Capital 724000 Tkamla Paul, Capital 196000 Tkamla Paul, Capital 190000 Stephanie Ram, Capital 120000 Stephanie Ram, Capital 112500 Loss on Realization 240000 1225000 Loss on Realization (To allocate the loss or gain on realization to partners) (To allocate the loss or gain on realization to partners) 20 TNIcholas Jay, Capital 18000 20 Cash 132500 Tkamla Paul, Capital 132000 [32500 Stephanie Ram, Capital 40000 Stephanie Ram, Capital (To record payment of the capital deficiency by Stephanie) (To record write-off of the capital deficiency by Stephanie Ram) 20 TNotes Payable 191000 191000 20 TNotes Payable TCash 191000 91000 Cash (To record payment of partnership llability) (To record payment of partnership liability) 20 TNicholas Jay, Capital 151500 20 TNicholas Jay, Capital 42000 Tkamla Paul, Capital 113000| kamla Paul, Capital 175000 164500 [117000 Cash Cash (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 Z Your answer is partially correct. Try again. 3) The "Land" and "Buildings" were sold for $143,000, and any partners with a resulting deficits can and di manually. Do not use dollar signs ($) 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 Date Account Titles and Explanation Debit Credit 2016 2016 Dec. 20 Cash 143000 Dec. 20 Cash T128000 Land 204000 Land 204000 TBuildings T164000 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 Nicholas Jay, Capital 724000 Tkamla Paul, Capital 196000 Tkamla Paul, Capital 190000 Stephanie Ram, Capital 120000 Stephanie Ram, Capital 112500 Loss on Realization 240000 1225000 Loss on Realization (To allocate the loss or gain on realization to partners) (To allocate the loss or gain on realization to partners) 20 TNIcholas Jay, Capital 18000 20 Cash 132500 Tkamla Paul, Capital 132000 [32500 Stephanie Ram, Capital 40000 Stephanie Ram, Capital (To record payment of the capital deficiency by Stephanie) (To record write-off of the capital deficiency by Stephanie Ram) 20 TNotes Payable 191000 191000 20 TNotes Payable TCash 191000 91000 Cash (To record payment of partnership llability) (To record payment of partnership liability) 20 TNicholas Jay, Capital 151500 20 TNicholas Jay, Capital 42000 Tkamla Paul, Capital 113000| kamla Paul, Capital 175000 164500 [117000 Cash Cash (To record distribution of cash to partners) (To record distribution of cash to partners)