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: Accum. Depree. Account Notes Equipment Tquipment Payable Payable $197.000 $104,000 $8.500 $27,000 Cash $44,500 David Wallace Capital $46,000 Olena Danny Dunn, Capital Capital $29,000 $27,000 Account balance December 31, 2020 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $71,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:11 for Wallace, Dunn, and Lin, respectively, Required: 1. Complete the schedule (Negative answers should be indicated by a minus sign) Accum Accounts David Notes Olona Cash Dan Equipment Deprec Payable Wallace LI Payable Dunn, Equipment Capital Capital Cap $ 44,500 $ 197,000 $ 104,000 $ 8,500 $ 27.000 $ 46,000 $ 29,000 $ Account balances December 31, 2020 Sale of equipment Balance Payment of liabilities Balance $ 44,500 $ 197,000 5 104,000 $ 8,500 $ 27,000 $ 46,000 $ 29,000 $ $ 44,500 $ 197,000 $ 104,000 $ 8,500 $ 27.000 $ 46.000 $ 29,000 $ 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