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 Machinery Less: Accumulated depreciation Total assets Liabilities Accounts payable Equity Jim Lui Kent Montavo, capital Dave Johnson, capital Total equity Total liabilities and equity $ 83,250 $624,750 155,000 469,750 $553,000 $157,900 $ 78,100 202,700 114, 300 395,100 $553,000 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 $524,000. (Negative answers should be indicated by a minus sign.) Premium Pool and Spa June 30, 2020 Cash Machinery Accum. Deprec., Accounts Payable Jim Lui, Capital Kent Montavo, Dave Johnson,