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Prepare the entries on December

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Reference no: EM132978046

Question - 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 $405,600

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.

Reference no: EM132978046

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