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 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 $ 35,000 95,000 120,000 340,000 $590,000 $ 140,000 70,000 71,200 $ 306,800 281,200 $ 590,000 Total Liabilities and Capital 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 Personal net worth Carlos $270,000 (240,000) Dan $ 30,000 $ 320,000 (230,000) $ 90,000 2. Carlos, Dan, and Gail share profits and losses in the ratio 15:45:40. 3. CDG sold all noncash assets on December 10, 20X6, for $278,000. Required: Gail $ 370,000 (339,500) $ 30,500 a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6. b. Prepare a schedule of the net worth of each of the three partners as of December 10, 20X6, after the partnership liquidation is completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and Complete this question by entering your answers in the tabs below. Required A Required B Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20x6. Note: 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 Preliquidation balances Sale of assets and distribution of loss Cash Noncash Assets Liabilities Carlos 15% Capital Balances Dan 45% Gail 40% $ 0 $ 0 $ 05 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 Payment to partner Postliquidation balances $ 0 $ 0 $ 0 S 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Required A Required B Prepare a schedule of the net worth of each of the three partners as of December 10, 20X6, after the partnership liqui completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal ass personal liabilities. Note: 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, December 1, 20X6 Contribution to partnership $ 05 0 S 0 Liquidating distribution from partnership Net worth, December 10, 20X6 $ 0 $ 0 S 0