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: Olena Accum. Deprec Accounts Equipment Equipment Payable $164,000 $93,000 $7,400 Cash $22.400 Notes Dayable $16,000 David Wallace, Capital $35,000 Danny Lin, Capital $16.000 account balances December 31, 2020 Capital $18.000 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 of 2.11 for Wallace, Dunn, and Lin, respectively Required: 1. Complete the schedule. (Negative answers should be indicated by a minus sign.) Cash Equipment Acoum. Deprec. Equipment 93,000 Accounts Payable Notes Payable David Wallace, Capital $ 35,000 Olena Dunn, Capital Danny niin, Wapital 10.000 Account balances December 31, 2020 S 21,400 S 104.000 S 7,400 S 10,000 S 18.000 S Sale of equipment Ealands S 21,400 s 164.000 $ 93,000 3 7.400 $ 10,000 S 35.000 9 18.000 $ 16.000 Payment of liabilities balance $ 21.400 S 184.000 S 93.000 s 7.400 s 10.000 5 35,000 18.000 S 10.000 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 1 2 3 4 > Record the sale of equipment. Note: Enter debits fore credits Date General Joumal Debit Credit Jan 01.20211 Viewer