U. RULUI JULIULUU, UTUUUUU, WUCDULU, UUUUU Exercise 11-14 Liquidation of a partnership L05 eXcel David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Accum. Deprec. Accounts Notes Equipment Equipment Payable Payable David Olena Danny Wallace, Dunn, Lin. Capital Capital Capital Cash Account balances December 31, 2020... $21,400 $164,000 $93,000 $7,400 $16,000 $35,000 $18,000 $16,000 Sale of Equipment... Payment of Liabilities Balance..... .... .... ....... Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $60,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. Required 1. Complete the schedule. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final dis- tribution of cash). cs Scanned with CamScanner 787