Refer to the data in exercise 16-6 for the Miller and Bell partnership. Use the same facts, but now assume that the 12 percent note payable to Bell continues to accrue interest during the liquidation process. At the end of the first month, it is estimated that additional interest of \(\$ 120\) is possible on the note payable to Bell until the note is extinguished.

\section*{Required}

Prepare a statement of partnership realization and liquidation with a schedule of safe payments to partners for the two-month liquidation period.