Trish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to liquidate their partnership on December 31, 2017, when the balance sheet shows the following Craig and Smith Consulting Balance Sheet December 31, 2017 Assets Liabilities Cash Property, plant and equipment $ 93,100 Accounts payable Equity $ 52,300 $519,300 201,100 $246,700 112,300 Less: Accumulated depreciation 318,200 Trsh Craig, capital Ted Smith, capital Total assets $411,300 Total equity 359,000 Total liabilities and equity $411,300 Required Prepare the entries on December 31, 2017, to record the liquidation under each of the following independent assumptions a. Property plant and equipment are sold for $725,700 View transaction list 1 Record the sale of property, plant and equipment 2 Record the allocation of gain/loss to equity 3 Record the payment of liabilities 4 Record the final distribution of cash. Credit Note-journal entry has been entered b. Property plant and equipment are sold for $141,900 View transaction list 1 Record the sale of property, plant and equipment. 2 Record the allocation of gain/loss to equity. 3 Record the payment of liabilities. 4 Record the final distribution of cash Credit Note: journal entry has been entered Record entry Clear entry View general journal