Below are the criteria that Partners A, B, and C negotiated when they created their partnership. Profits should be allocated in the order of the criteria provided. All criteria should be satisfied fully, with any resulting deficiency or remaining profit being allocated according to the P&L percentages that the partners negotiated.

Partner A: $50,000 contributed, 35% P/L percentage

Partner B: $50,000 contributed, 35% P/L percentage

Partner C: $1,500,000 contributed, 30% P/L percentage

On January 1, of year 11, the partnership began liquidation procedures. At the time of the liquidation, the partnership had a cash balances of $350,000, Accounts Receivable of $310,000, Accounts Payable of $20,000, Notes Payable of $20,000, and the remainder of the assets were classified as Noncash Assets (net). Liquidation transactions are as follows:

January 6: Half of the Accounts Receivable balance was collected, with no discounts offered.

January 7: 25% of the January 1 balance of Noncash Assets were sold at a $20,000 gain

January 8: Accounts Payable were paid in full, with no discounts taken

January 9: Liquidation expenses totaling $5,000 were paid in cash

January 11: 50% of the January 1 balance of Noncash Assets were sold at a $60,000 gain.

January 12: The Notes Payable balance was paid in full (ignore interest)

January 13: The remaining Accounts Receivable balance was collected in full.

January 14: The final 25% of the January 1 balance of Noncash Assets were sold at an $80,000 loss.

Required

Liquidate the partnership according to the timeline above.