01 Ch 16 0 The CDG Carlos Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20x6 Assets $ 28,000 81,000 106, eee 312,800 $527, eee Accounts Receivable (net) Inventories Property, plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital $279,00 $126, 56, eee 66, eee 248,00 $527,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Dan Gail Personal assets Personal liabilities Personal net worth Carlos $256.000 (233,000) $ 23,eee $306.690 (237,000) $ 69,689 S356.000 (325,00) $ 31,000 2. Carlos, Dan, and Gail share profits and losses in the ratio 15:40:45 3. CDG sold all noncash assets on December 10, 20X6. for $267.200. Saved Required: a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Copy CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Cash Noncash Assets 28,000 $ 499,000 Preliquidation balances Sale of assets and distribution of loss Liabilities $ 279,000 Capital Balances Carlos Dan S 126,000 $ 56,000 $ Gail 66,000 $ $ 28,000 $ 499,000 $ 279,000 $ 126,000 $ 56,000 $ 66,000 Cash contributed by Gail to extent of positive net worth $ 28,000 S 499,000 $ 279,000 $ 126,000 $ 56,000 $ 66,000 Distribution of deficit of insolvent partner $ 28,000 $ 499,000 $ 279,000 $ 126,000 $ 56,000 $ 66,000 Contribution by Dan to remedy deficit $ 28,000 $ 499,000 $ 279,000 $ 126,000 $ 56,000 $ 66,000 Payment to creditors $ 28,000 $ 499,000 $ 279,000 $ 126,000 $ 56,000 $ 66,000 Payment to partner Postliquidation balances $ 28,000 S 499,000 $ 279,000 $ 126,000 $ 56.000 $ 38,000 Postliquidation balances 28,000 S 499,000 S 279,000 $ 126,000 $ 56,000 S 3 b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the liquidation of the partnershi completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and personal liabilities. (Round your answers to the nearest whole dollar.) CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 Carlos Dan Gail S 0S 0S Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1. 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 $ 0 $ 0 $