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: Account balances December 31, 2020 Accu David Danny Deprec. Accounts Notes Wallace, Dunn, Lin, Cash Equipment Equipment Payable Payable Capital Capital Capital $17,200 $158,000 $91,000 $7,200 $14,000 $33,000 $16,000 $14,000 Olena Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $58,000 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.) Cash Equipment Accum. Deprec Equipment Accounts Payable Notes David Wallace, Olena Danny Dunn, Payable Capital Capital Lin, Capital Account balances December 31, 2020 $ 17,200 $ 158,000 $ 91,000 $ 7,200 $14,000 $ 33,000 $ 16,000 $ 14,000 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. Date Jan 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal