required . b)property, plant and equipment are sold for $141500.

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 liqui their partnership on December 31, 2020, when the balance sheet shows the following: $ 92,700 $518, 100 200,700 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 317,400 $410,100 $ 51,900 $ 246,300 111,900 358, 200 $ 410,100 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 $724,500