The partnership of Taylor, Lee, and Cross have a signed agre ement to share incomes and losses in a 3:1:1 ratio. Prior to the liquidation of their partnership, the Statement of Financial Position illustrates the following: Taylor, Lee, and Cross Partiership Statement of Financial Position October 31,2023 Under the assumption the equipment is sold and the cash is distributed to the proper parties on Octo ber 31,2023 , complete the schedule provided below: 1.The equipment is sold for $50,820, and any partners with resulting deficits can and do pay in the amount of their deficit. 2.The equipment is sold for $38,640, and the partners have no assets other than those invested in the business (not able to pay off deficits)