Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always sharect profit and losses in a 1:4:5 ratio, and on the day of the liquidation their balance sheet appeared as follows: Premium Pool and Spa Balance Sheet June 30, 2020 Assets Cash $ 68.750 $588,750 137.500 451.250 $520.000 Machinery Less: Accumulated depreciation. Total assets. Liabilities Accounts payable. Equity $130,375 Jim Lui S 76.250 200,875 Kent Montalvo, capital. Dave Johnson, capital 112.500 Total equity... 389,625 Kent Montavo, capital. 200.875 Dave Johnson, capital 112.500 Total equity 389,625 $520,000 Total liabilities and equity 1 1 I Required Part 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. Cash Machinery (net) Accounts Payable Jim Lul, Capital Kent Montavo, Capital Dave Johnson, Capital Account balances June 30, 2020... Show the sale, the gain or loss allocation, and the distribution of the cash in each of the following unrelated cases: a. The machinery is sold for $488,130. b. The machinery is sold for $375,000 c. The machinery is sold for $212.500, and any partners with resulting deficits can and do pay in the amount of their deficits. d. The machinery is sold for $187.500, and the partners have no assets other than those invested in the business. Part 2 Prepare the entry to record the final distribution of cash assuming case (a) above