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 $513,600 Property, plant, and equipment.. Less: Accumulated depreciation. 199,200 314.400 Total assets... S405,600 Liabilities S 50,400 Accounts payable. Equity $244.800 110,400 Trish Craig, capital. Ted Smith, capital. Total equity... Total liabilities and equity. 355,200 S405.600 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