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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, 2045 Assets Cash 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 $ 26,000 77,000 102,000 304,000 $509,000 $275,000 $122,000 52.000 62,000 236-000 $509,000 Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow. Carlos Dan Gail Personal assets $ 252,000 $302,000 5 352,000 Personal liabilities (331,000) (239,000) Personal net worth $ 21,000 $ 63,000 $ 24,200 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 $262.400. 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.) COG PARTNERSHIP Statement of Realization and Liquidation Lumpsum Liquidation on December 10, 20X6 Capital Balances Dan Cash Noncash Assets Liabilities Carlos Preliquidation balances Sale of assets and distribution of loss $ Ols Ols 05 ols os Cash contributed by Gall to extent of positive net worth S 05 os 05 0 $ ols 0 Distribution of deficit of insolvent partner 5 05 os ols OS 05 Contribution by Dan to remedy delic 5 05 05 OS os OS 0 Payment to creditors 5 os ols os ols 0 os Payment to partner Pouliquidation balances 5 os 05 ols os 0$ 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 dollor.) CDG PARTNERSHIP Net Worth of Partners December 10, 20X6 Carlos Dan Gail $ 0 $ os Personal assets, excluding partnership capital interests Personal liabilities Personal net worth, excluding partnership capital Interests Dec 1, 20X6 Contribution to partnership Liquidating distribution from partnership Net worth December 10, 20X6 O $ 05 0

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