trish

rish Craig and Ted Smith have a bio-energy and consulting business and share profit and losses in a 3:1 ratio. They decide to quidate their partnership on December 31, 2023, when the balance sheet shows the following: Required: Prepare the entries on December 31, 2023, to record the liquidation under each of the following independent assumptions: a. Property, plant, and equipment are sold for $725,700. Journal entry worksheet Record the sale of property, plant, and quipment. Note: Enter debits before credits. Journal entry worksheet Record the allocation of gain/loss to equity. Note: Enter debits before credits. Journal entry worksheet Record the payment of liabilities. Note: Enter debits before credits. Journal entry worksheet 1 Record the final distribution of cash. Note: Enter debits before credits. Property, plant, and equipment are sold for $141,900. Journal entry worksheet Record the sale of property, plant, and equipment. Note: Enter debits before credits. b. Property, plant, and equipment are sold for $141,900. Journal entry worksheet 1 Record the allocation of gain/loss to equity. Note: Enter debits before credits. b. Property, plant, and equipment are sold for $141,900. Journal entry worksheet Record the payment of liabilities. Note: Enter debits before credits. b. Property, plant, and equipment are sold for $141,900. Journal entry worksheet Note: Enter debits before credits