Alto, Blau, and Chan (ABC Partnership) decide to liquidate their partnership on September 1, 2021.The company's trial balance on that day shows the following:

ABC PARTNERSHIP

Trial Balance

September 1, 2021

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Cash$ 10,000

Noncash Assets90,000

Liabilities $ 42,000

Alto, Capital (40%)34,000

Blau, Capital (40%)10,000

Chan, Capital (20%)14,000

Total$100,000 $100,000

Blau is personally insolvent.Alto and Chan are personally solvent. Partnership is liquidated in installments over a three month period.Noncash assets are sold as follows: September 15, noncash assets with book value of $55,000 sold for $45,000, Loss allocated among partners.Creditors are paid on September 28.

On October 15, noncash assets with book value $30,000 sold for 15,000, loss allocated among partners. On November 15, noncash assets with book value $5,000 sold for $5,000.During the liquidation process partners decided to keep $10,000 to meet contingencies.

Any cash available are to be distributed on end of the month.

Required:

Prepare Statement of Partnership Realization and Liquidation- Installment Liquidation September, October, and November.

Preparer Schedule of Safe Payments to Partners for September and October.