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Trish Craig and Ted Smith have a bio-energy and consulting business and share prot and losses in a 3:| ratio. They decide to liquidate their partnership on December 3], 2020. when the balance sheet shows the following: Craig and Smith Consulting Balance Sheet December 31, \"202.0 Assets Property, plant, and equipment........................ $5l3.600 Less: Accumulated depreciation ................ 199,200 314,400 Total assets $405,600 Liabilities Accounts payable 3 50,400 Equity Trish Craig, capital $244,800 Ted Smith. capital 110,400 Total equity .................................................. 35 5,200 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: 8. Property. plant. and equipment are sold for $120,000. b. Property. plant. and equipment are sold for $140,000