On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows:

The partners plan a program of piecemeal conversion of the business€™s assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions
follows:
January Collected $51,000 of the accounts receivable; the balance is deemed uncollectible.
Received $38,000 for the entire inventory.
Paid $2,000 in liquidation expenses.
Paid $50,000 to the outside creditors after offsetting a $3,000 credit memorandum received by the partnership on January 11.
Retained $10,000 cash in the business at the end of January to cover any unrecorded liabilities and anticipated expenses. The remainder is distributed to the partners.
February Paid $3,000 in liquidation expenses.
Retained $6,000 cash in the business at the end of the month to cover unrecorded liabilities and anticipated expenses.
March Received $146,000 on the sale of all machinery and equipment.
Paid $5,000 in final liquidation expenses.
Retained no cash in the business.
Prepare a schedule to compute the safe installment payments made to the partners at the end of each of these threemonths.

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Debit Credit Accounts receivable Inventory Machinery and equipment, net 66,000 52,000 189,000 30,000 Bakel, loan Van, capital Bakel, capital . $53,000 20,000 118,000 90,000 74,000 Totals $355,000 $355,000