The Partnership Shows the Following Capital Balances Immediately Prior to the Liquidation

The partnership shows the following capital balances immediately prior to the liquidation of the partnership: Liu,$252,000,Wang,$114,000,and Zhang,$114,000.The partners share income and loss equally.The partnership's noncash assets consisted of a tract of land,which was originally purchased for $50,000.As part of its liquidation,the partnership sold its land for $71,000.How would the partnership record the allocation of the gain from the sale of the land to the partners?

A) Debit Cash for $71,000,credit Land for $50,000,and credit Gain from Sale for $21,000.
B) Debit Cash for $71,000,credit Land for $50,000,and credit Gain from Liquidation for $21,000.
C) Debit Cash for $71,000,credit Land for $50,000,credit Liu,Capital for $7,000,credit Wang,Capital for $7,000,and credit Zhang,Capital for $7,000.
D) Debit Gain from Liquidation for $21,000,credit Liu,Capital for $7,000,credit Wang,Capital for $7,000,and credit Zhang,Capital for $7,000.
E) Debit Cash for $71,000 and credit Land for $71,000.