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				$	28,500
Accounts Receivable (net)					82,000
Inventories					107,000
Property, Plant and Equipment (net)					314,000
Total Assets				$	531,500
Liabilities and Capital
Liabilities:
Accounts Payable				$	280,500
Capital:
Carlos, Capital	$	127,000
Dan, Capital		57,000
Gail, Capital		67,000
Total Capital					251,000
Total Liabilities and Capital				$	531,500

Additional Information

1. Each partners personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow:

	Carlos				Dan				Gail
Personal assets	$	257,000			$	307,000			$	357,000
Personal liabilities		(233,500	)		(	236,500	)			(320,000	)
Personal net worth	$	23,500			$	70,500			$	37,000

2. Carlos, Dan, and Gail share profits and losses in the ratio 15:40:45.
3. CDG sold all noncash assets on December 10, 20X6, for $268,400.

Required: a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6. (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.)

b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the liquidation of the partnership is completed assuming that no other events occurred in the 10-day period that changed any of the partners personal assets and personal liabilities. (Round your answers to the nearest whole dollar.)

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 $ 28,500 Accounts Receivable (net) 82,000 Inventories 107,000 Property, Plant and Equipment (net) 314,000 Total Assets $531,500 Liabilities and Capital Liabilities: Accounts Payable $280,500 Capital: Carlos, Capital $127,000 Dan, Capital 57,000 Gail, Capital 67,000 Total Capital 251,000 Total Liabilities and Capital $531,500 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Gail Personal assets $ 257,000 $307,000 $ 357,000 Personal liabilities (233,500) (236,500) (320,000) Personal net worth $ 23,500 $ 70,500 $ 37,000 2. Carlos, Dan, and Gail share profits and losses in the ratio 15:40:45. 3. CDG sold all noncash assets on December 10, 20X6, for $268.400. a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6. (Do not round your Intermediate calculations. Round your final answers to the nearest whole dollar.) CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Dan Cash Noncash Assets Liabilities Carlos Gail Preliquidation balances Sale of assets and distribution of loss $ 0 $ 0 $ 0 $ 0 0 $ 0 Cash contributed by Gail to extent of positive net worth $ 0 0 $ 0 $ 0 $ 0 $ 0 Distribution of deficit of insolvent partner $ 0 $ 0 $ 0 $ 0 $ 0 S 0 Contribution by Dan to remedy deficit $ 0 $ $ 0 O $ 0 $ 0 S 0 Payment to creditors $ 0 0 $ 0 $ 0 $ 0 $ 0 Payment to partner Postliquidation balances $ 0 0 0 $ 0 $ 0 b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the liquidation of the partnership is completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and personal liabilities. (Round your answers to the nearest whole dollar.) CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 Carlos Dan Gail $ 0 $ 0 $ 0 Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests. Dec. 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 $ 0 $ 0 $ 0