The trial balance at December 31, immediately prior to the liquidation of Crane Partnership, follows: Cash Equipment Accumulated depreciation-equipment Accounts payable Teck King, Capital Zhi Johnson, Capital The partnership is liquidated on December 31 of the current year and $32,400 cash is received for the equipment. King and Johnson have a profit and loss ratio of 3:1. (a) Prepare a liquidation schedule. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Account balances prior to liquidation $ Sale of assets and share of gain Balances Payment of liabilities $11,400 80,200 49,200 11,900 14,700 15,800 Balances Distribution of cash to partners Final balances Cash $ $ Assets Equipment

The trial balance at December 31, immediately prior to the liquidation of Crane Partnership, follows: The partnership is liquidated on December 31 of the current year and $32,400 cash is recelved for the equipment. King and Johnson have a profit and loss ratio of 3:1 (a) Prepare a liquidation schedule. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)