3 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: Accum. Deprec. Equipment Equipment $161,000 $92,000 Accounts Payable $7,300 David Wallace, Capital $34,000 Notes Payable $15,000 Olena Dunn, Capital $17,000 Cash $19,300 Danny Lin, Capital $15,000 Account balances December 31, 2020 2 oints Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $59,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. eBook Print Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Accum. Accounts Notes Deprec. Payable Equipment Payable $ 92,000 $ 7,300 $ 15,000 David Wallace, Capital $ 34,000 $ Olena Dunn, Capital 17,000 Danny Lin, Capital 15,000 Account balances December 31, 2020 $ $ $ 19,300 161,000 Sale of equipment Balance Payment of liabilities Balance 3 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). View transaction list 2. oints Journal entry worksheet eBook 1 2 4 Print Record the sale of equipment. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2021 Record entry Clear entry View general journal