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 $ 26,000 (net) Accounts Receivable (net) Inventories Property, Plant and Equipment Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: Carlos, Capital 77,000 102,000 304,000 $509,000 $273,000 $122,000 Dan, Capital 52,000 Gail, Capital 62,000 Total Capital 236,000 Total Liabilities and Canital $509.000 Total Capital Total Liabilities and Capital 236,000 $509,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Carlos Dan Personal assets $ 252,000 Personal liabilities Personal net worth Gail $302,000 $ 352,000 (231,000) (239,000) (327,800) $ 21,000 $ 63,000 $ 24, 200 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 $262,400. 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.) Preliquidation balances Sale of assets and distribution of loss CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Cash contributed by Gail to extent of positive net worth Distribution of deficit of insolvent partner Contribution by Dan to remedy deficit Payment to creditors Payment to partner Capital Balances Cash Noncash Assets Liabilities Carlos Dan Gail < Prev 2 of 3 Next Sale of assets and distribution of loss Cash contributed by Gail to extent of positive net worth Distribution of deficit of insolvent partner Contribution by Dan to remedy deficit Payment to creditors Payment to partner Postliquidation balances 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 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