P 17-12 Installment liquidation The after-closing trial balances of the Bea, Pat, and Tim partnership at December 31, 2016, included the following accounts and balances:

Cash $120,000 Accounts receivable—net 140,000 Inventory 200,000 Plant assets—net 200,000 Trademarks 20,000 Total debits $680,000 Accounts payable $150,000 Notes payable 100,000 Bea capital (profit-sharing ratio, 50%) 170,000 Pat capital (profit-sharing ratio, 30%) 180,000 Tim capital (profit-sharing ratio, 20%) 80,000 Total credits $680,000 The partnership is to be liquidated as soon as possible, and all available cash except for a

$10,000 contingency balance is to be distributed at the end of each month prior to the time that all assets are converted into cash.

During January 2017, $100,000 was collected from accounts receivable, inventory items with a book value of $80,000 were sold for $100,000, and available cash was distributed.

During February 2017, Bea received plant assets with a book value of $60,000 and a fair value of $50,000 in partial settlement of her equity in the partnership. Also during February, the remaining inventory items were sold for $60,000, liquidation expenses of $2,000 were paid, and a liability of

$8,000 was discovered. Cash was distributed on February 28.

During March 2017, the plant assets were sold for $110,000, the remaining noncash assets were written off, final liquidation expenses of $5,000 were paid, and cash was distributed. The dissolution of the partnership was completed on March 31, 2017.

REQuIRED: Prepare a statement of partnership liquidation for the Bea, Pat, and Tim partnership for the period January 1 to March 31, 2017.