Cara McRae and Nick Hoveland have a marketing and consulting business and share profit and lone in a 01 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet whows the following Canh Account McRae, Accum. Depre. Payable Capital Hoveland, Capital Account Balance immediately prior to liquidation 23 91,200 516,300 200,100 51,300 245,700 111,300 0 1 Required: Prepare the entries on December 31, 2020, to record the liquidation assuming property, plant, and equipment are sold for $722,700 (12 marks)