Hann, Murphey, and Ryan have operated a retail furniture store for the past 30 years. Their business has been unprofitable for several years, since several large discount furniture stores opened in their sales territory. The partners recognize that they will be unable to compete with the larger chain stores and decide that since all the partners are near retirement, they should liquidate their business before it is necessary to declare bankruptcy. Account balances just before the liquidation process began were as follows:

Cash	10,000	Liabilities	110,000
Other Assets	218,000	Hann Capital 50%	50,000
		Murphey, Capital 30%	42,000
		Ryan, Capital 20%	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.

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.