CROWN On January 1, the partners of Van, Bakel, ond Cox (who share profits and losses in the ratio of 5:3 2. respectively decide to terminate operations and liquidate their partnership. The trial balance at this date follows: Debit Credit Canh 3 33,000 Accounts receivable 100.000 Inventory 96.000 Machinery and equipment.net 223,000 Van loan 64,000 Accounts payable $ 91,000 Bakel, loss 54,000 Van, capital 165,000 Bakel, capital 107.000 Coxy capital 91,000 Totalo $ 500,000 $500,000 The partners plan a program of plecemeal conversion of the partnership's assets to minimize liquidation losses. All available cosh, 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 collected $68,000 of the accounts receivable; the balance to deened uncollectible Received $55,000 for the entire inventory. Paid $3.000 in liquidation expenses. Poid 587,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnership on January 11. Retained $27,000 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners