The NOR Partnership is being liquidated. A balance sheet prepared prior to liquidation is presented below: 
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.
Definitions:
Business Invitees
Individuals who enter a property for a purpose directly connected with the business interests of the property owner.
Duty To Exercise
The obligation to perform or engage in actions with due diligence and care under certain circumstances.
Rightful Possession
The legal right of an individual or entity to use, control, or occupy property or assets under the law.
Good Samaritan Statutes
Laws designed to provide legal protection to individuals who voluntarily provide aid or assistance to others in distress without expecting compensation.
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