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. David Olena Danny Deprec. Accounts Notes Wallace, Dunn Lin, Cash Equipment Equipment Payable Payable Capital Capital Capital Account balances December 31.521,400 $264,000 2020 $93,000 $7,400 $16,000 $35, eee $18,000 $16,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $60,000 on January 1, 2021. The partners share any profit (loss in the ratio nf 2-1-1 for Wallare un andrenneth Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $60,000 on January 1 2021. The partners share any profit (loss) in the ratio of 2.1.1 for Wallace, Dunn, and in respectively, Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Answer is not complete. Cash Equipment Accum Deprec Equipment $ 3,000 Accounts Payable $ 7,400 Notes Payable $ 21.400 164.000 David Wallace Capital $ 35,000 Olena Dunn Capital 18,000 Dasy Lin, Capital 16.000 $ 16.000 50,000 Account balances December 31, 2020 Sale of equipment Balance Payment of labi Balance 5.500 $ 1.400 2.750 2.750 164.000 5 $16.000 s 40,500 5 20.750 $ 23,000 18,750 7,400 7.100 16.800 18.000 $ 104.000 S164.000 $ 93.000 $ $27.000 $ 40.500 $ 20.750 $ 18.750 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). Answer is not complete. NO Date General Journal Debit Credit