CHECK FIGURES: a. Cash to Olive: $34,766; b. Cash to Olive: $20,790; c. Cash to Olive: $7,140; d. Cash to Olive: $0 Poppy, Sweetbean, and Olive have always shared profit and losses in a 3:1:1 ratio. They recently decided to liquidate their partnership. Just prior to the liquidation, their balance sheet appeared as follows:

Poppy, Sweetbean, and Olive Balance Sheet October 15, 2020

Assets Cash ................................................................ $ 9,450 Equipment (net)*........................................... 166,320

Total assets ........................................................ $175,770

Liabilities Accounts payable ........................................

Equity

Ernie Poppy, capital ..................................... $63,840 Lynn Sweetbean, capital ............................ 42,000 Ned Olive, capital......................................... 30,240 Total equity ................................................ Total liabilities and equity ...............................

*Accumulated depreciation = $40,600

Required Part 1

Under the assumption that the equipment is sold and the cash is distributed to the proper parties on October 15, 2020, complete the schedule provided below.

Ernie Cash Account balances October 15, 2020 .....................................

Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: a. The equipment is sold for $189,000. b. The equipment is sold for $119,070. c. The equipment is sold for $50,820, and any partners with resulting deficits can and do pay in the amount of their deficits.

d. The equipment is sold for $38,640, and the partners have no assets other than those invested in the business.

Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above.