Cara McRae and Nick Hoveland have a marketing and consulting buuines and share profit and down in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet show the following 3 + 5 Accounts McRae, G PPE Accum. Deprec Payable Capital Account Blanc immediately pre to liquidiation 91,200 516,300 200,100 51,300 245,700 Hoveland Capital 111,300 10 11 Required: 12 Prepare the entries on December 31, 2020, to record the liquidation assuming property, plant, and equipment are sold for $722,700 (12 marks), 13 14 15 16 17 18 20