Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020: Account balances December 31, 2020 Accum. Deprec. Cash Building Building $193,000 $842,000 $489,000 Land Martha Accounts Wheaton, Payable Capital $217,000 $137,000 $334,000 Bess Sam Smith, Chen, Capital $(61,000) $353,000 Capital Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $706,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Capital deficiencies at liquidation are absorbed by the remaining partners according to their income (loss) ratio. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated by a minus sign.) Cash Building Accum. Deprec Building Land Accounts Payable Martha Wheaton, Bess Sam Chen, Smith, Account balances December 31, 2020 $ 193,000 $ 842,000 $ 400,000 $217,000 $ Capital 137,000 $ 334,000 Capital Capital $ (61,000) $ 353,000 Sale of land and building Balance Payment of sabilities Balance Absorption of deficiency Ratanen Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners. (Negative answers should be indicated by minus sign.) Cash Building Accum. Deprec.. Land Building Accounts Payable Martha Wheaton, Bess Chen, Sam Smith, Capital Capital Capital Account balances December 31, 2020 $ 193,000 $ 842,000 $ 489,000 $217,000 $ 137,000 $ 334,000 $ (61,000) $ 353,000 Sale of land and building Balance Payment of liabilities i Balance Absorption of deficiency Balance ook Journal entry worksheet < Record the distribution of remaining cash to partners. int ences Note: Enter debits before credits. Date Jan 01, 2021 General Journal Debit Credit Record entry Clear entry View general journal