Lui, Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared 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 $ 73,250 Machinery $ 604,750 Less: Accumulated depreciation 145,000 459,750 Total assets $ 533,000 Liabilities Accounts payable $ 140,900 Equity Jim Lui $ 77,100 Kent Montavo, capital 201,700 Dave Johnson, capital 113,300 Total equity 392,100 Total liabilities and equity $ 533,000 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: a. The machinery is sold for $504,000. (Negative answers should be indicated by a minus sign.) b. The machinery is sold for $391,000. (Negative answers should be indicated by a minus sign.) c. The machinery is sold for $205,000, 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.) d. The machinery is sold for $203,000, and the partners have no assets other than those invested in the business. (Negative answers should be indicated by a minus sign.) 2. Prepare the entry to record the final distribution of cash assuming the machinery is sold for $504,000.