a. Property, plant, and equipment are sold for $723,900.

• Record the sale of property, plant and equipment.

b. Property, plant, and equipment are sold for $141,300.

• Record the sale of property, plant and equipment.

Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash $ 92,500 $517,500 200, 500 317, eee $409,500 Property, plant and equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Equity Trish Craig, capital Ted Smith, capital Total equity Total liabilities and equity $ 51,700 $ 246,100 111,700 357,899 $ 489,500 Required: Prepare the entries on December 31, 2020, to record the liquidation under each of the following independent assumptions