The partners of the Liwa Engineering Company have decided to terminate the business. The balances of the company's accounts prior to the liquidation are given in the Table 1. Table 1 Book value in OMR...

Extracted text: The partners of the Liwa Engineering Company have decided to terminate the business. The balances of the company's accounts prior to the liquidation are given in the Table 1. Table 1 Book value in OMR Cash 28,500 Plant assets (net) 75,000 Machinery and equipment (net) 2,500 Inventories 1,300 Liabilities 47,300 Capital, Partner 1 36,000 Capital, Partner 2 24,000 Additional information: The partner 1 and the partner 2 share profits andkosses in the ratio 7:3. In the process of liquidation, the non-cash assets are sold for OMR 125,000. Required: You are asked to prepare a schedule of cash payments (Table 2), showing how cash will be distributed between the partners as it becomes available. A. B. Based on the information above (Table 2 - Schedule of Cash Payments), journalize the transactions.