Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020:

Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $680,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively.

Required

Prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners.

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Accum. Deprec. Building Building Martha Accounts Wheaton, Payable Capital Bess Sam Smith, Chen, Land Capital Capital Cash Account balances December 31, 2020. $184,000 $824,000 $480,000 $208,000 $128,000 $316,000 $(52,000) $344,000