Megan, Kory, & Craig were partners in a firework company and showed the following account balances as of December 31, 2020.

!Megan, Kory, & Craig were partners in a firework company and showed the following account balances as of December 31, 2020. The partners have decided to liquidate their partnership due to a accident causing Megan to loose a finger. The land and building were sold for a combined price of $640,000 on January 1, 2021. The partners share in the profit and loss in a 3:1:1 ratio for Megan, Kory, & Craig, respectively. Required: Prepare the journal entries for the liquidation of the partnership. Assume that any deficiencies are being covered by the remaining partners, rather than being repaid by the partner with the deficiency. Accum. Deprec. Long-term Cash Building Building Land debt Megan, Capital Kory, Capital Craig, Capital Account balances: 172,000.00 814,000.00 490,000.00 214,000.00 128,000.00 304,000.00 - 60,000.00 338,000.00