3 25 points Help Save & Exit Submit The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20x6. A balance sheet on the date follows Check my work Assets Cash CDG PARTNERSHIP Balance Sheet At December 1, 2016 look Ask Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capitali Carlos, Capital Dan, Capital Gall, Capital Total Capital Total Liabilities and Capital Additional Information $12,000 85,000 114,000 320,000 $563,000 $291,000 $114,000 $4,000 74,000 $565,000 1. Each partner's personal assets (excluding partnership captal interests) and personal liabilities as of December 1 20x, follow Car 3 25 points Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow Personal assets Personal liabilities Personal net worth Carlos $264,000 (237,000) $27,000 Dan $114,000 (233,000) 5 11,000 $364,000 (342,300) $ 21,700 ebook Print 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 $272,500 References Required: a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20x6. (Do not round your intermediate calculations. Round your final answers to the nearest whole doller.) CDG PARTNERSHIP Statement of Realization and Liquidation Lump sum Liquidation on December 10, 2006 Cash Noncash Assats Liabinies Carlos Capital Balances Dan Gail Check my work Required: a. Prepare a statement of realization and liquidation for the CDG Partnership on December 10, 20X5 (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar.) Preliquidation balances CDG PARTNERSHIP Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X5 Carlos Capital Balances Dan Noncash Assets Liabilities 531,000 291.000 $ 134,000S (531,000 Gall 64.000 $ 74,000 Cash $ Sale of assets and distribution of loss 32,000 $ 272.500 $ 304,500 $ 0 $ 291,000 $ 134,000 S 64.000 5 74,000 Cash contributed by Gail to extent of positive net worth 21,700 $ 326,200 $ 05 291.000 $ 134,000 $ 64,000 $ (21,700) 95.700 Distribution of deficit of insolvent partner $ 326.200 $ DS 291,000 $ 134,000 $ 64.000 95.700 Contribution by Dan to remedy deficit $ 326 200 S Payment to creditors 05 291,000 134.000 s 291,000 64.000 $ 95.700 $ 326200 $ DS 0134.000 S 64.000 95,700 Payment to partner S 326 200 $ 05 S 134000 3 64.000 S 95.700 Postiquidation balances Check b. Prepare a schedule of the net worth of each of the three partners as of December 10, 2006, after the liquidation of the partnership is completed assuming that no other events occurred in the 10-day period that changed any of the partners' personal assets and personal liabilities. (Round your answers to the nearest whole dollar.) CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 Carlos Dan Gail Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital interests, Dec. 1, 20X6 $ 0 $ 0 $ 0 Contribution to partnership Liquidating distribution from partnership Net worth, December 10, 20X6 $ 0 $ 0 $ 0