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 Cash Accum. Deprec. Building $481,000 Account balances December 31, 2020 Building $826,000 Accounts Payable $129,000 Land $209,000 Martha Wheaton, Capital $318,000 $185,000 5 Chen Smith, Capital Capital $(53,800) 5345,000 Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $685,000 on January 1, 2021 The partners share any profit (loss) in the ratio of 2.11 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.) Sarti Smith, Capital 345.000 Account balances December 31, 2020 Sale of land and building Balance Payment of liabilities Balance Accum. Martha Boss Cash Accounts Building Deprec. Land Wheaton Chen, Building Payable Capital Capital $185.000 $ 826,000 $ 481,000 5 209.000 $ 129,000 $ 318.000 5 (53,000) 5 685.000 $ 870,000 $826.000 $ 481.000 $ 209,000 $ 129.000 $ 318,000 5 (53.000) (129.000) 0 5741.000 5 826 000 $ 481.000 $ 209,000 5 129,000 $ 318,000 5 (53,000 $ 345.000 345.000 Check my work partners (Negative answers should be indicated by a minus sign.) #H South (53.000) 3 345,000 Accum Cash Martha Building Deprec Accounts Land What Building Payable Canal $185,000 5 826,000 S 481,000 $209,000 5 129,000 $ 318 000 $ 685,000 $870.000 $ 826,000 $ 481,000 $ 209,000 S 129,000 $ 318,000 $ (129,000) 0 $741,000 $825,000 $ 481,000 5 209.000 $ 129,000 5 318,000 $ 0 $741,000 $ 826 000 $ 481.0005 209.000 5 129,000 5 318.000 5 (53000) $ Account balances December 31, 2020 Sale of land and building Balance Payment of liabilities Balance Absorption of deficiency Balance 345,000 (53,000) 345,000 (53,000) 345.000 Help Save & CH Journal entry worksheet 1 Record the distribution of remaining cash to partners. Note: Enter debits before credits General Journal Debit Credit Date Jan 01, 2021 Record entry Clear entry View general journal Address N W 9