Current Attempt in Progress The trial balance at December 31, immediately prior to the liquidation of TT Partnership, follows: Cash $12,900 Equipment 79,600 Accumulated depreciation - equipment 48,600 Accounts payable 12,100 Teck Tang, Capital 15,300 Zhi Tao, Capital 16,500 The partnership is liquidated on December 31 of the current year and $32,500 cash is received for the equipment. Tang and Tao have a profit and loss ratio of 3:1. Prepare a liquidation schedule. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (451) Assets Accumulated Depre Equipment Cash 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 $ $ $ Prepare journal entries to: 1) record the sale of the other assets, 2) distribute any resulting gain or loss to the capital accounts, 3) pay the outstanding accounts payable, and 4) record the final distribution of cash to the partners. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1)