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: Accun. David Olena Deprec. Accounts Notes Wallace, Dunn, Equipment Equipment Payable Payable Capital Capital $179,000 $90,000 57,900 $21,000 $40,000 $23,000 Cash $31.900 Danny Lin. Capital $21.000 Account balances December 31, 2020 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $65,000 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 Cash Accounts David Equipment Notes Deprec Payable Payable Wallace Equipment Capital $ 31,900 $ 179,000 $ 98,000 $ 7.900 $ 21,000 $ 40,000 $ Olena Danny Dunn, Lin, Capital Capital 23,000 $ 21.000 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 ist Journal entry worksheet 5 1 2 3 4 Record the sale of equipment. Note Enter debits before credits Date General Journal Dobit Credit Jan 01, 2021 Record entry Clear entry View general Joure