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				$	26,500
Accounts Receivable (net)					78,000
Inventories					103,000
Property, Plant and Equipment (net)					306,000
Total Assets				$	513,500
Liabilities and Capital
Liabilities:
Accounts Payable				$	274,500
Capital:
Carlos, Capital	$	123,000
Dan, Capital		53,000
Gail, Capital		63,000
Total Capital					239,000
Total Liabilities and Capital				$	513,500

Additional Information

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

	Carlos			Dan			Gail
Personal assets	$	253,000		$	303,000		$	353,000
Personal liabilities		(231,500	)	(	238,500	)		(329,200	)
Personal net worth	$	21,500		$	64,500		$	23,800

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 $263,600.

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
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	$0
Contribution by Dan to remedy deficit
	$0	$0	$0	$0	$0	$0
Payment to creditors
	$0	$0	$0	$0	$0	$0
Payment to partner
Postliquidation balances	$0	$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.

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