Lu Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 14:5 ratio, and on the day of the liquidation their balance sheet appeared as follows Cash Machinery Less Accumulated depreciation Total Accounts payable Equity Kent Honte, capital 3628,750 3161.300 $ 76,300 202,900 Dave tokeson, capital Total equity Total liabilities and equity Required: 1. Under the assumption that the machinery is sold and the cash is distributed to the proper parties on June 30, 2020, complete the schedule provided below. Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: . The machinery is sold for $528,000. (Negative answers should be indicated by a minus sign) Premium Pool and Spe June 30, 2020 Accur Cash Machinery Depre Machinery Accounts Payable Lu Capital Kent Capital Dave Capital Account balances June 30, 2020 Sale of Machinary for $520,000 Balance Payment of abili Balance Distribution of cash to pertears Balance d. The machinery is sold for $227000, and the partners have no assets other than those invested in the business (Negative answers should be indicated by a minus sign) Sale of Machinery for $227.000 Dalence Aboca of deficiency Fence S Acc Kent Da Cash My Machinery Accounts Payable Jm Li Capitel Capta Capital 2. Prepare the entry to record the final distribution of cash assuming the machinery is sold for $528,000 Journal entry worksheet b. The machinery is sold for $415,000 (Negative answers should be indicated by a minus sign.) Premium Pool and Spo June 30, 2020 Cash Machinery Account balances June 30, 2020 Sale of Machinery for $415,000 Balance Payment of abilities Balance Distribution of cash to partnars Balance Accum, Deprec Machinery Accounts Payable Jim Lui Capital Kent Montavo, Capital Dave Johnson Capital c. The machinery is sold for $193,000, and any partners with resulting deficits can and do pay in the amount of their deficits. (Negative answers should be indicated by a minus sign.) Premium Pool and Spa June 30.2020 Cash Machinery Accum Machinery Accounts Payable Jim Lui Capital Kent Montavo, Capital Dave Johnson Capital Account balances June 30, 2020 Sale of Machinery for $193,000 Balance Payment of abilities Balance Johnson pays deficiency Balance Distribution of cash to partners Balance < Prev 5 of 8 Next >