The CDG$/$Carlos$,$ Dan, and Gail$/$Partnership has decided to liquidate as of December $1,20$X$6.$ A balance sheet on the date follows:

CDG PARTNERSHIP

Balance Sheet

At December $1,20$X$6$

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 partner$$s personal assets $($excluding partnership capital interests$)$ and personal liabilities as of December $1,20$X$6,$ 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 $10,20$X$6,$ for $$275,000.$

Required:

Prepare a statement of realization and liquidation for the CDG Partnership on December $10,20$X$6.$

Prepare a schedule of the net worth of each of the three partners as of December $10,20$X$6,$ 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.