11-14)

a. Roberts, $300,000; Peters, $400,000; MacDonald, $120,000 b. Roberts, $100,000; Peters, $120,000; MacDonald, S160,000 c. Roberts, $130,000: Peters, S160,000; MacDonald, $60,000 Exercise 11.14 Liquidation of a partnership L05 eXcel David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Accum. Deprec. Equipment Equipment Accounts Payable Notes Payable Olena Dunn, Capital David Wallace, Capital Danny Lan, Capital Account balances December 31, 2020 $21.400 $164.000 $93.000 $7.400 $16.000 $35.000 $18,000 $16.000 Sale of Equipment Payment of Liabilities Balance Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $60,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively, Required 1. Complete the schedule. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). Page 788 Cxercise 11-15 Liquidation of a partnership 105 eXcel CHECK FIGURE: Dr. Martha Wheaton, Capital: $380,000 Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account mlances as of December 31, 2020: Cash Accum. Deprec. Building Building Sam Smith, Accounts Payable and Martha Wheaton, Capital Bess Chen, Capital