The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows:

Additional Information
1. Each partner€™s personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow:

2. Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40.
3. CDG sold all noncash assets on December 10, 20X6, for $260,000.

Required
a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X6.
b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the partnership liquidation iscompleted.

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CDG PARTNERSHIP Balance Sheet At December 1, 20X6 Cash Accounts Receivable (net) Inventories Property, Plant, & Equipment (net) Total Assets 25,000 75,000 300,000 $500,000 Liabilities & Capital Liabilities: Accounts Payable $270,000 Carlos, Capital Dan, Capital Gail, Capital $120,000 50,000 60,000 Total Capital Total Liabilities & Capital 230,000 $500,000 Dan $250,000 300,000 $350,000 230,000) 240,000) 25,000) Carlos Gail Personal assets Personal liabilities Personal net worth $ 20,000 S 60,000 25,000