The trial balance at December 31, Immediately prior to the liquidation of TT Partnership, follows: Cash $ 12,500 79,700 Equipment Accumulated depreciation - equipment 48,600 12.600 Accounts payable Teck Tang, Capital 14,800 16.200 Zhi Tao, Capital The partnership is liquidated on December 31 of the current year and $33.100 cash is received for the equipment. Tang and Tao have a profit and loss ratio of 3:1 entir amounts using either a negative sign preceding the number eg.-45 or parentheses es. The partnership is liquidated on December 31 of the current year and $33.100 cash is received for the equipment. Tang and Tho have a profit and loss ratio of 3:1 Prepare a liquidation schedule. (Enter negative amounts using either a negative sign preceding the number c.g. -45 or parentheses es (451) TT PARTERSHIP Liquidation Schedule December 31 - Liabilities Assets Accumulated Depreciation Equipment Accounts Payable Equipment Cash $ $ 3 Assets Accumulated Depreciation Equipment Cash Equipment Account balances prior to liquidation Sale of assets and share of gain Balances Payment of liabilities Balances Distribution of cash to partners $ Final balances o A TT PARTERSHIP Liquidation Schedule December 31 - Liabilities + Partners' Capital Accounts Payable T. Tang Z. Tao Capital Total Capital Capital $ $ s Cash Equipment Depreciation Equipment Account balances prior to liquidation $ Sale of assets and share of gain Balances Payment of liabilities Balances Distribution of cash to partners 5 $ $ Final balances e Textbook and Media 0 0 Partners' Capital Accounts Payable T. Tang Capital Z Tao Capital Total Capital $ $ $ $ Prepare journal entries to: 1) record the sale of the other assets, 2) 3) distribute any resulting gain or loss to the capital accounts, pay the outstanding accounts payable, and record the final distribution of cash to the partners. 4) (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Debit Credit No. Account Titles and Explanation (1) 8 7 No. Account Titles and Explanation Debit Credit (1) > C. > (2) C (3) (4)