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, 2020, when the balance sheet shows the following: $ 92,800 $516,eee 280,800 Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash Property, plant and equipment Less: Accumulated depreciation Total assets Liabilities Accounts payable Equity Trish Craig, capital Ted Smith, capital Total equity Total liabilities and equity 316,800 $488,eee $ 51,200 $ 245.689 111, 200 356,800 $ 408, eee Required: Prepare the entries on December 31, 2020, to record the liquidation under each of the following independent assumptions: a. Property, plant, and equipment are sold for $722.400. View transaction list Journal entry worksheet