David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Accum. David Deprec. Accounts Notes Wallace, Equipment Equipment Payable Payable Capital $212,000 $109,000 $9,000 $32,000 $51,000 Olena Dunn, Capital $34,000 Danny Lin, , Capital $32,000 Cash $55,000 Account balances December 31, 2020 , Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $76,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Accum. David Accounts Notes Cash Equipment Deprec. Equipment Payable Wallace, Payable Capital $ 55,000 $ 212,000 $ 109,000 $ 9,000 $ 32,000 $ 51,000 $ Olena Dunn, Capital 34,000 $ Danny Lin, Capital 32,000 Account balances December 31, 2020 Sale of equipment Balance Payment of liabilities Balance 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). View transaction list Journal entry worksheet 1 2 3 4 > Record the sale of equipment. Note: Enter debits before credits. General Journal Debit Credit Date Jan 01, 2021 Record entry Clear entry View general Journal