Lul. Montavo, and Johnson plan to liquidate their Premium Pool and Spa business. They have always shared profit and losses in a 1:45 ratio, and on the day of the liquidation their balance sheet appeared as follow Premium Pool and Spa Balance Sheet June 30, 2020 Assets Cash $ 68,750 5588.750 Machinery Less: Accumulated depreciation... 137,500 451.250 Total assets. $520.000 $130,375 Liabilities Accounts payable Equity Jim Lali. Kent Montavo, capital. Dave Johnson, capital Total equity...... Totul liabilities and equity. 5 76.250 200,875 112.500 389,625 $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 Accounts Kent Montero, Dave Johnson, Cash (net) Puyable Capital Capital 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