pronti TOSSES 3:1 They decide to que el partnership on December 31, 2020, when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash....... Property, plant, and equipment..... Less: Accumulated depreciation... Total assets.... Liabilities Accounts payable.. Equity Trish Craig, capital... Ted Smith, capital. Total equity.... Total liabilities and equity. $ 91,200 $513,600 199,200 314,400 $405,600 $ 50,400 $244,800 110,400 355,200 S405,600 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