Jon, Sam, and Tad are partners in a furniture store that began liquidation on January 1, 2016, when the ledger contained the following account balances:

The following transactions and events occurred during the liquidation process:
January Inventories were sold for $20,000 cash, collections on account totaled $14,000, and half of the amount due to creditors was paid.
February Land costing $40,000 was sold for $60,000, the remaining land and buildings were sold for $40,000, half of the remaining receivables were collected, and the remainder was uncollectible.
March Furniture and fixtures were written off. The remaining liabilities were paid, and available cash was distributed to the partners in final liquidation.
REQUIRED:
Prepare a statement of liquidation for the Jon, Sam, and Tad partnership.

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Debit Credit Cash Accounts receivable Inventories Land Buildings Accumulated depreciation-buildings Furniture and fixtures Accumulated depreciation-furniture and fixtures Accounts payable on capital (20%) Sam capital (30%) Tad capital (50%) $ 15,000 20,000 65,000 50,000 100,000 40,000 50,000 30,000 80,000 40,000 60,000 50,000 500,000 $300,000