10. Award: 3.20 points 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 terminale operations and liquidate their partnership. The trial balance at this date follows: Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan van, capita Debit Credit $ 34,000 98,000 84,000 221,000 62,000 $ 97,000 $2,000 154,000 106,000 90,000 Bakul, capital Cex, capital Totele $499,000 S 499,000 The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All avallable 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 $87,000 of the accounts receivable: the balance is deemed uncollectible Received $54,000 for the entire inventory Pald $2,000 in liquidation expenses. Paid $94,000 to the outside creditors after offselling a $3,000 credit memorandum received by the partnership on January 11. Retained $28.000 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. February Paid $3,000 in liquidetion expenses. March Retained $11,000 cash in the business at the end of the month to cover additional liquidation expenses. Received $152,000 on the sale of all machinery and equipment. Paid $5,000 in final liquidation expenses. Retained no cash in the business. Prepare proposed schedules of liquidation on January 31. February 28, and March 31 to determine the safe payments made to the partners at the end of each of these three months. Complete this question by entering your answers in the tabs below. January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of January. (Amounts to be deducted should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation January 31 Cash Noncash Assets Liabilities Van, Capital and Loan 50% Bakel, Capital and Loan 30% Cox, Capital 20% Balances - January 1 S 31,000 82,000 158,000 90.000 Collected accounts receivable Sold inventory Fald lleuldet on expenses Paid accounts payable Subtotal (actual balances) 34,000 0 0 $2,000 158,000 90,000 Maximum loes on assets Maximum liquidation expenses Subtotal (potential balances) 34,000 0 $ 0 92,000 158,000 90.000 Allocation of deficit capital balance Safe payments to partners - January 31 S 34,000 $ $ rev:07 17 2020 QC_CS 220333