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The CDG / Carlos , Dan, and Gail / Partnership has decided to liquidate as of December 1 , 2 0 X 6 . A

The CDG/Carlos, Dan, and Gail/Partnership has decided to liquidate as of December 1,20X6. A balance sheet on the date follows:
CDG PARTNERSHIP
Balance Sheet
At December 1,20X6
Assets
Cash $ 33,500
Accounts Receivable (net)92,000
Inventories 117,000
Property, Plant and Equipment (net)334,000
Total Assets $ 576,500
Liabilities and Capital
Liabilities:
Accounts Payable $ 302,000
Capital:
Carlos, Capital $ 137,000
Dan, Capital 67,000
Gail, Capital 70,500
Total Capital 274,500
Total Liabilities and Capital $ 576,500
Additional Information
Each partners personal assets (excluding partnership capital interests) and personal liabilities as of December 1,20X6, follow:
Carlos Dan Gail
Personal assets $ 267,000 $ 317,000 $ 367,000
Personal liabilities (238,500)(231,500)(336,000)
Personal net worth $ 28,500 $ 85,500 $ 31,000
Carlos, Dan, and Gail share profits and losses in the ratio 15:45:40.
CDG sold all noncash assets on December 10,20X6, for $275,000.
Required:
Prepare a statement of realization and liquidation for the CDG Partnership on December 10,20X6.
Prepare a schedule of the net worth of each of the three partners as of December 10,20X6, after the partnership liquidation is completed assuming that no other events occurred in the 10-day period that changed any of the partners personal assets and personal liabilities.

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