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				$	30,500
Accounts Receivable (net)					86,000
Inventories					111,000
Property, Plant, and Equipment (net)					322,000
Total Assets				$	549,500
Liabilities and Capital
Liabilities:
Accounts Payable				$	286,500
Capital:
Carlos, Capital	$	131,000
Dan, Capital		61,000
Gail, Capital		71,000
Total Capital					263,000
Total Liabilities and Capital				$	549,500

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	$	261,000		$	311,000		$	361,000
Personal liabilities		(235,500	)	(	234,500	)		(337,500	)
Personal net worth	$	25,500		$	76,500		$	23,500

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 $269,500.

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 balance 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.
	Personal assets excluding partnership capital interest Personal liabilites Personal net worth, excluding partnership capital interest, Dec 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth Dec 10, 20X6