The NOR Partnership Is Being Liquidated Nutt, Ohm, and Rice Share Profits and Losses in a to Liquidation

The NOR Partnership is being liquidated.A balance sheet prepared prior to liquidation is presented below: $$\begin{array} { l r l r } \text { Assest}&& { \text { Liabilities \& Equities } } \\\text { Cash } & \$ 240,000 & \text { Liabilities } & \$ 60,000 \\\text { Other Assets } & 300,000 & \text { Rice, Loan } & 60,000 \\& & \text { Nutt, Capital } & 180,000 \\& & \text { Ohm, Capital } & 60,000 \\& & \text { Rice, Capital } & 80,000 \\ { \text { Total Assets } } & \underline { \$ 540,000 } & \text { Total Equities } & \underline { \$ 540,000 }\end{array}$$
Nutt, Ohm, and Rice share profits and losses in a 40:40:20 ratio.All partners are personally insolvent.
Required:
A.Prepare the journal entries necessary to record the distribution of the available cash.
B.Prepare the journal entries necessary to record the completion of the liquidation process, assuming the other assets are sold for $120,000.