31, 20X3. (Hint: it will veral realized and unrealized amounts. An analysis of the cash, personal effects, and credit card accounts should not be required to properly complete the statement.) IS 16-13 Lump-Sum Liquidation 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 Cash Accounts Receivable net Inventories Property. Plant & Equipment net Total Assets Liabilities & Capital Liabilities: Accounts Payable Capital Carlos, Capital $120.000 Dan, Capital 50,000 Gail, Capital 60,000 Total Capital Total Liabilities & Capital $ 25,000 75.000 100,000 300,000 $500,000 $270.000 230.000 $500,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabiliti as of December 1, 20X6, follow: Gail Personal assets Personal liabilities Carlos $250,000 (230.000) Dan $ 300,000 (240.000) $ 60,000 $ 350.000 (325.000) $ 25,000 Personal net worth $ 20,000 2. Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40. 3. CDG sold all noncash assets on December 10, 20X6, for $260,000. Required a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6. b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the partnership liquidation is completed