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.. $ 68,750 $588,750 Machinery. Less: Accumulated depreciation.............. 137,500 451,250 Total assets. $520,000 Liabilities Accounts payable. $130.375 Equity Jim Lui.. $ 76,250 Kent Montavo, capital... 200.875 Dave Johnson, capital. 112,500 Total equity.... 389,625 Total liabilities and equity.. $520,000 Page 792 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. Machinery (net) Accounts Payable Jim Lui, Capital Kent Montavo, Capital Dave Johnson, Capital Cash 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