Problem 11-9A Liquidation of a partnership LO5

CHECK FIGURES: a. Dr. Craig, Capital: $549,000; b. Dr. Craig, Capital: $114,000

Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2020, when the balance sheet shows the following:

Required

Prepare the entries on December 31, 2020, to record the liquidation under each of the following independent assumptions:

Property, plant, and equipment are sold for $720,000.

Property, plant, and equipment are sold for $140,000.

7 - Graded LP3.2 Assignment: X McGraw-Hill Connect - accBF x r Class Corporate Accounting it X Problems X Homework Help - Q&A from x + X C A prod.reader-ui.prod.mheducation.com/epub/sn_beeda/data-uuid-8c0320a733c14dd593e79d775bad01c8 G kk Paused Aa Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash.... $ 91,200 Property, plant, and equipment.... $513,600 Less: Accumulated depreciation.......... 199,200 314,400 Total assets..... $405,600 Liabilities Accounts payable.. $ 50,400 Equity Trish Craig, capital.. $244,800 Ted Smith, capital.. 110,400 Total equity.... 355,200 Total liabilities and equity.... $405,600 Type here to search O X W 3:12 PM 4 C Mostly cloudy ~ A x O ()) 10/17/2021