Hardin, Sutton, and Williams have operated a local business as a partnership for several years. All profits and losses have been allocated in a 3:2:1 ratio, respectively. Recently, Williams has undergone personal financial problems, and is insolvent. To satisfy Williams' creditors, the partnership has decided to liquidate.
The following balance sheet has been produced: 
During the liquidation process, the following transactions take place:
- Noncash assets are sold for $116,000.
- Liquidation expenses of $12,000 are paid. No further expenses are expected.
- Safe capital distributions are made to the partners.
- Payment is made of all business liabilities.
- Any deficit capital balances are deemed to be uncollectible.
Prepare journal entries to record the actual liquidation transactions.
Definitions:
Inflict Harm
The act of causing physical, emotional, or psychological injury or damage to someone.
Informational Influence
The effect of information or data provided by others in shaping one's beliefs, opinions, or behaviors, often within a group context.
Normative Influence
Refers to the impact of societal norms on an individual's behavior, aiming to conform in order to be accepted by others.
Conforming
Adjusting one's behavior or beliefs to align with those of a group or with societal norms.
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