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 Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets 27,500 80,000 105,000 310,000 $522,500 Liabilities and Capital Liabilities: Accounts Payable Capital: $277,500 Carlos, Capital Dan, Capital Gail, Capital $125,000 55,000 65,000 Total Capital Total Liabilities and Capital 245,000 $522,500 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 Personal liabilities Personal net worth 255,000 232,500 237,500) $305,000355,000 (332,000 $22,500 67,500 23,000 2. Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40. 3. CDG sold all noncash assets on December 10, 20X6, for $266,000. 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.) CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Cash Noncash Assets Liabilities Carlos Dan Gail 495,000 $ 277,500 125,000 55,000$ 65,000 Preliquidation balances Sale of assets and distribution of loss 27,500$ 266,000 $293,500 $ (495,000) 0 277,500$ 125,000$ 55,000$65,000 23,000 277,500$ 125,000$ 55,000$ 42,000 23,000 277,500$ 125,000$ 55,000$19,000 Cash contributed by Gail to extent of positive net worth 23,000 $316,500 $ 0 Distribution of deficit of insolvent partner $316,500 $ 0 Contribution by Dan to remedy deficit $316,500 $ 0 277,500$ 125,000$ 55,000$19,000 Payment to creditons $316,500 $ 0 277,500$ 125,000$ 55,000$19,000 Payment to partner Postliquidation balances $316,500 $ 0 277,500$ 125,000$ 55,000$19,000 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 Personal assets, excluding partnership capital interest:s Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6