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: $ 92,500 $517,500 200, 500 317,000 $409,500 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 $ 51,700 $ 246,100 111,700 357, 800 $ 409,500 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 $723,900. View transaction list Journal entry worksheet 4