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:

	Cash				Equipment				Accum. Deprec. Equipment				Accounts Payable				Notes Payable				David Wallace, Capital				Olena Dunn, Capital				Danny Lin, Capital
Account balances December 31, 2020	$	23,500			$	167,000			$	94,000			$	7,500			$	17,000			$	36,000			$	19,000			$	17,000

Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $61,000 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.)

2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash).