Credit Debit $ 18,000 66,000 52.000 189,000 Cash Accounts Receivable Inventory Machinery & Equipment (net Accounts Payable Art Capital Bru, Capital Chou, Capital Total $ 53,000 88,000 110,000 74,000 $325,000 $325,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January 20X1 1. Collected $51,000 on accounts receivable; the balance is uncollectible. 2. Received $38,000 for the entire inventory. 3. Paid $2,000 liquidation expenses. 4. Paid $50,000 to creditors, after offset of a $3,000 credit memorandum received on January 11, 20x1. 5. Retained $10,000 cash in the business at the end of the month for potential unrecorded liabili- ties and anticipated expenses. February 20X1 6. Paid $4,000 liquidation expenses. 7. Retained $6,000 cash in the business at the end of the month for potential unrecorded liabili- ties and anticipated expenses. March 20X1 8. Received $146,000 on sale of all items of machinery and equipment. 9. Paid $5,000 liquidation expenses. 10. Retained no cash in the business. Required Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners