Current Attempt in Progress The trial balance at December 31, immediately prior to the liquidation of TT Partnership, follows: Cash $12,300 Equipment 80.300 Accumulated depreciation - equipment 48,600 Accounts payable 12,800 Teck Tang, Capital 14,800 16,400 Zhi Tao, Capital The partnership is liquidated on December 31 of the current year and $33,300 cash is received for the equipment. Tang and Tao have a profit and loss ratio of 3:1. Assets Accumulated Depre Cash Equipment Equipment Account balances prior to liquidation $ Sale of assets and share of gain Balances Payment of liabilities Balances Distribution of cash to partners Final balances Liquidation Schedule December 31 = Liabilities + Accounts Payable $ $ Partners' Capital T. Tang Capital Z. Tao Capital $ Total Capital