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 $32,000

Accounts Receivable (net) 89,000

Inventories 114,000

Property, Plant and Equipment (net) 328,000

Total Assets $563,000

Liabilities and Capital -

Liabilities:

Accounts Payable $291,000

Capital:

Carlos, Capital$134,000

Dan, Capital 64,000

Gail, Capital 74,000

Total Capital 272,000

Total Liabilities and Capital $563,000

Additional Information

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

Carlos Dan Gail

Personal assets$264,000 $314,000 $364,000

Personal liabilities (237,000) (233,000) (342,300)

Personal net worth$27,000 $81,000 $21,700

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 $272,500.

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.)

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) COG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Dan Cash Noncash Assets Liabilities Carlos Gall Preiquidation balances Sale of assets and distribution of loss $ o 5 01$ OS 0$ os 0 Cash contributed by Gait to extent of positive not worth $ 05 05 OS 0$ 0 Distribution of deficit of insolvent partner $ 05 OS 05 os 05 0 Contribution by Dan to comedy debot 5 os 015 03 OS 05 0 Payment to creditor 5 os 0$ 015 Payment to partner Postquidation balances 5 os 05 OS ON 03 Otto Postliquidation balances $ 0 $ 0$ 0 $ 0 $ 0 s 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. (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 $ 0 $ 015 0 $ 0 $ OS 0