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The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20X6 s 29.500 Propety Plant and Equment e 540.500 283 500 Accounts Payable Capta Total Capta Total Liabilities and Capital 1 Each partners assets (excluding partnership capital interests) and personal liabilities of each partner as of December 1, 20x6, follow Perponal assets 259000 $309000 359.000 Personal labiles (23500) 23.5001 (334 300) Personal net woh 24500 73,500 24700 2 Carlos, Dan, and Gail share profits and losses in the ratio 20:40:40. CDG sold all noncash assets on December 10, 20X6, for $267,500. 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 dollar.) Lump-4um Liquidiation on December 10, 20006

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CDG Partnership Statement of Realization and Liquidation Lump-sum Liquidation on December 10, 20X6 Capital Balances Cash Non-Cash Assets Liabilities Carlos 2096 Dan 40% Gail 40% Preliquidation balances Sale of assets and distribution of $243,500 loss 29,500 2,67,500 2,97,000 24,700 3,21,700 5,11,000-2,83,500 -1,29,000 -59,000-69,000 48,70097,400 97,400 80,300 38,40028,400 24,700 3,700 3,700 5,11,000 0-2,83,500 - Cash contributed by Gail to extent of positive net worth 0-2,83,500 - 80,300 38,400 Distribution of deficit of insolvent partner: 20/60($3,700) 40/60($3,700) 1,233 2,467 79,067 40,867 -40,867 3,21,700 40,867 3,62,567 2,83,500 79,067 79,067 0 0-2,83,500 - 0 Contribution by Dan to remedy deficit 0-2,83,500 -79, 0 Payment to creditors 2,83,500 0 0 79,067 79,067 0 0 0 Payment to partner Postliquidation balances 0

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  • The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6....

    The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: CDG PARTNERSHIP Balance Sheet At December 1, 20X6 Assets Cash $ 32,500 Accounts Receivable (net) 90,000 Inventories 115,000 Property, Plant and Equipment (net) 330,000 Total Assets $ 567,500 Liabilities and Capital Liabilities: Accounts Payable $ 292,500 Capital: Carlos, Capital $ 135,000 Dan, Capital 65,000 Gail, Capital 75,000 Total Capital 275,000 Total Liabilities and Capital $ 567,500 Additional...

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