After Several Years of Business,Abel,Barney,and Cole Are Liquidating Non-Cash Assets Are Sold for $275,000

Essay

After several years of business,Abel,Barney,and Cole are liquidating.The following are post-closing account balances.
$$\begin{array} { l r r } \text { Cash } & 18,000 & \\\text { Inventory } & 73,000 & \\\text { Other assets } & 157,000 & 61,000 \\\text { Accounts Payable } & & 50,000 \\\text { Abel, Capital } & & 50,000 \\\text { Barney, Capital } & & 87,000\end{array}$$
Non-cash assets are sold for $275,000.Profits and losses are shared equally.
Record the payment of the liabilities.