David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as

of December $31,2023$:

Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $$59,000$ on

January $1,2024.$ The partners share any profit $($loss$)$ in the ratio of $2$:$1$:$1$ for Wallace, Dunn, and Lin, respectively.

Required:

Complete the schedule. $($Negative answers should be indicated by a minus sign.$)$ Prepare the liquidation entries $($sale of equipment, allocation of gain$/$loss$,$ payment of creditors, final distribution of cash$).$

Journal entry worksheet

Record the sale of equipment.

Note: Enter debits before credits.