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Problem 11-8A Liquidation of a partnership LOS 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, 2017, when the balance sheet shows the following Craig and Senith Consuting Balance Sheet December 31. 2017 Assets Cash Llabilities 1.200 Accounts payable 50,400 Equity Less: Accumulated depreciation.... 199200 314.400 Trish Craig, capital $244.800 110.400 Total assets . $405,600 Ted Smith, capital. Total equity Total liabilities and equity.. 355.200 $405.600 Required Prepare the entries on December 31, 2017, 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