P 17-6 Installment liquidation 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:

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

$300,000 $300,000 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 partnership between Jon, Sam, and Tad.