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:

Accum. Deprec. Building $492,000 Martha Wheaton, Capital $340,000 Cash $196,000 Bess Chen, Capital $(64,000) Accounts Payable $140,000 Sam Smith, Capital $356,000 Account balances December 31, 2020 Building $848,000 Land $220,000 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $715,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners. (Negative answers should be indicated by a minus sign.) Cash Accum. Martha Accounts Building Deprec Land Wheaton, Building Payable Capital $ 848,000 $ 492,000 $ 220,000 $ 140,000 $ 340,000 Bess Chen, Capital (64,000) $ Sam Smith, Capital 356.000 $ 196,000 $ Account balances December 31, 2020 Sale of land and building Balance Payment of liabilities Balance Absorption of deficiency Balance View transaction list Journal entry worksheet 1 > Record the distribution of remaining cash to partners. Note: Enter debits before credits. Date General Journal Debit Credit Jan 01, 2021 Record entry Clear entry View general journal