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: a. Property, plant, and equipment are sold for $720,000. b. Property, plant, and equipment are sold for $140,000