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: Craig and Smith Consulting Balance Sheet December 31, 2020 Assets Cash....... $ 91,200 Property, plant, and equipment. $513.600 Less: Accumulated depreciation....... 199.200 314,400 Total assets.... S405.600 Liabilities Accounts payable... $ 50,400 Equity Trish Craig, capital. $244,800 Ted Smith, capital... 110,400 Total equity... 355,200 Total liabilities and equity... $405,600 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 $720,000. b. Property, plant, and equipment are sold for $140,000