Cash Distribution Schedule The ABC Partnership is in the process of liquidation. The account balances prior to liquidation are given below: Debits Cash Amos, Drawing Boone, Drawing Childs, Drawing Operating Loss Liquidation Loss Total $ 72,000 10,000 15,000 20,000 21,000 12,000 150.000 Credits Liabilities Boone, Loan Childs, Loan Amos, Capital Boone, Capital Childs, Capital Total $ 40,000 8,000 25,000 49,000 18,000 10,000 150,000 The partners share profits in the following ratio: Amos, 1/5; Boone, 2/5; Childs, 2/5. Required: Prepare a schedule showing the calculations of the distribution of cash under the Uniform Partnership Act, assuming that all three partners have personal liabilities in excess of their personal assets. Installment Liquidation Nelson, Parker, and Rice are partners who share profits 4:3:3, respectively. Parker decides that it would be more profitable for him to operate as a sole proprietor. Nelson and Rice are in agreement that life would be more rewarding if Parker were to enter into direct competition with them. Nelson and Rice make repeated attempts to acquire Parker's interest in the partnership. Unable to reach an agreement, the partners mutually agree that their association should be dissolved. A condensed balance sheet before realization of assets shows the following balances: Cash 10,000 Liabilities 110,000 Other Assets 218,000 Hann Capital 50.000 Murphey, Capital 42,000 Ryan, Capital 26,000 Total 228,000 Total 228,000 Asset realization is accomplished in four stages as follows: March 15, 2019: During liquidation sale, noncash assets with a book value of $90,000 were sold for $80,000 March 16, 2019: Sold accounts receivable with a book value of $30,000 to a factory for $26,000. March 16, 2019: Paid all recorded partnership creditors. March 18, 2019: Distributed all but $1,000 of available cash to partners. a March 19, 2019: Murphey withdrew from inventory furniture with a book value of $10,000 and a market value of $13,000 to satisfy part of his capital interest. March 21, 2019: Sold remainder of inventory with a book value of $50,000 to a discount furniture store for $30,000 cash. March 25, 2019: Assigned for $12,000 cash the remaining term of the lease on the warehouse. The lease was accounted for as an operating lease. March 25, 2019: Distributed all available cash to partners. April 1, 2019: Hann agreed to accept two vehicles with a book value of $10,000 and a market value of $8,000 in partial settlement of his capital interest. April 5, 2019: All remaining assets were sold for $4,000. April 6, 2019: Received additional cash from partners with debit capital balances. April 6, 2019: Distributed available cash to partners. The partners prefer that cash be distributed as soon as it is available. Required: Prepare a summary in columnar form of the partnership realization and liquidation. You should prepare supporting schedules of safe payments before each cash distribution. Good Luck