Required:- prepare the entries on December 31,2020 to record the liquidation under each of the following independent assumptions. a)prepare the journal entries for property plant and equipment are sold for $725100. b) prepare the journal entry for property plant and equipment are sold for $141700

18. Chapter 11 Saved 2 6 oints Trish Craig and Ted Smith have a bioenergy 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: Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash 6 92, 900 Property, plant and equipment $518,700 Less: Accumulated depreciation 200,900 317.800 Total assets $410, 700 Liabilities Accounts payable 6 52,100 Equity Triah Craig, capital $ 246,500 Ted Smith, capital 112,100 Total equity 35e, 600 Total liabilities and equity $410,700 Print 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 $725,100, View transaction list Journal entry worksheet 1 > Z 3 4 Prev 2 of 4 Next > IL TELUUMULTURVEI ELEMENTY REPETER a. Property, plant, and equipment are sold for $725 100 2 View transaction list 16 points Journal entry worksheet b. Property, plant, and equipment are sold for $141,700. 5 Dints View transaction list Print Journal entry worksheet