The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: $ 26,000 77,000 102,000 304,000 $509,000 CDG PARTNERSHIP Balance Sheet At December 1, 20X6 Assets Cash Accounts Receivable (net) Inventories Property, plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital $273,000 $122,000 52,000 62,000 236,000 $509,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Personal assets Personal liabilities Carlos $ 252,000 (231,000) $ 21,000 Dan S302,000 (239,000) $ 63,000 Gail $352,000 (327, 800) $ 24, 200 Personal net worth 2 Corinc Dan and Cail charenrofite and Inccac in the ratin 2n-1n an 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.) CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Cash Liabilities Noncash Assets Carlos Dan Gail Preliquidation balances 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 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 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