$2.$ On January $1,2022,$ the partners of Mikell, Kristopher and Joshua $($who shared profits and losses in the ratio of $3$:$5$:$2,$ respectively$)$ decided to liquidate their partnership. The trial balance at this date was as follows:

Debit Credit

Cash $$23,400$

Accounts Receivable $85,800$

Inventory $67,600$

Machinery and equipment, net $245,700$

Accounts payable $$68,900$

Mikell, capital $114,400$

Kristopher, capital $143,000$

Joshua, capital $96,200$

Totals $$422,500$ $$422,500$

The partners planned a program of piecemeal conversion of the business assets to minimize liquidation losses. All available, cash, less an amount retained to provide for future expenses, was to be distributed to the partners at the end of each month. A summary of liquidation transactions follows for January:

January

$$ $$68,300$ was collected on the accounts receivable; the balance was deemed to be uncollectible.

$$ $$55,700$ was received for the entire inventory.

$$ $$4,100$ in liquidation expenses were paid.

$$ All of the liabilities were paid off.

$$ Cash of $$7,500$ was retained at the end of the month to cover unrecorded liabilities and anticipated expenses. The balance of cash was distributed to the partners.

Required

Prepare a schedule to calculate the safe installment payments to be made to the partners at the end of January.On January $1,2022,$ the partners of Mikell, Kristopher and Joshua $($who shared profits

and losses in the ratio of $3$:$5$:$2,$ respectively$)$ decided to liquidate their partnership.

The trial balance at this date was as follows:

The partners planned a program of piecemeal conversion of the business assets to

minimize liquidation losses. All available, cash, less an amount retained to provide

for future expenses, was to be distributed to the partners at the end of each month. A

summary of liquidation transactions follows for January:

January ${?}_{(})$

$$68,300$ was collected on the accounts receivable; the balance was deemed to

be uncollectible.

$$55,700$ was received for the entire inventory.

$$4,100$ in liquidation expenses were paid.

All of the liabilities were paid off.

Cash of $$7,500$ was retained at the end of the month to cover unrecorded

liabilities and anticipated expenses. The balance of cash was distributed to the

partners.

Required ${?}_{(})$

Prepare a schedule to calculate the safe installment payments to be made to the

partners at the end of January.