David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2023: Account balances December 31, 2023 Accum. Cash Olenal David Wallace, Dunn, Lin, Deprec. Accounts Notes Capital Capital Equipment Equipment Payable Payable Capital $50,000 $206,000 $107,000 $8,800 $30,000 $49,000 $32,000 Danny $30,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $74,000 on January 1, 2024. 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 Notes Payable Payable David Wallace, Olena Dunn, Danny Lin, Capital Capital Capital Account balances December 31, 2023 Sale of equipment Balance Payment of labilities Balance $ 50,800 $ 74,000 $124,800 $ 206,000 $ (206,000) 107,000 $ 8,800 $30,000 $ 49,000 $ 32,000 $ 30,000 05 107,000 $ 8,800 $30,000 $ 49.000 $ 32,000 $ 30,000 $124,800 $ 05 107,000 $ 8,800 $30,000 $ 49.000 $ 32,000 $ 30,000 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, 2024 General Journal Debit Credit Record entry Clear entry View general journal