Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of 2:3:5. When they decide to liquidate, the balance sheet is as follows: Assets Liabilities and Capital Cash $ 48,000 Liabilities $ 46,000 Adams, Loan Other Assets 11,600 216,000 Adams, Capital 63,800 Peters, Capital Blake, Capital 87,000 78,800 Total Assets: $275,600 Total Liabilities and Equities $275,600 Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of $89,000 were sold for $67,500, and $22,000 of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for $80,500. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month. Required: Prepare a statement of partnership realization and liquidation with a schedule of safe payments to partners for the liquidation period Please follow the practical guidelines when completing this worksheet. APB PARTNERSHIP Balances Adam's loan write-off Sale of assets Payment to creditors Payment to partners Statement of Partnership Realization and Liquidation Installment Liquidation Capital Cash Adams, Loan Noncash Assets Liabilities Adams Peters Blake