David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December $31,2023$:

Cash Equipment Accum.

Deprec.

Equipment Accounts

Payable Notes

Payable David

Wallace,

Capital Olena

Dunn,

Capital Danny

Lin,

Capital

Account balances December $31,2023$ $ $38,200$ $ $188,000$ $ $101,000$ $ $8,200$ $ $24,000$ $ $43,000$ $ $26,000$ $ $24,000$

Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $$68,000$ on January $1,2024.$ 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$).$