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5 On January 1, 20X1. partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:22. respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Credit 5 points Debit $ 20,200 71,500 57,500 194,500 Cash Accounts Receivable Inventory Machinery and Equipment (net) Accounts Payable Art, Capital Bru, Capital Chou, Capital Total eBook $ 55,200 93,500 115,500 79,500 $343, 780 $343.zee Print 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: References January 20X1 1. Collected $55,400 on accounts receivable; the balance is uncollectible. 2. Received $41,300 for the entire inventory. 3. Paid $3.100 liquidation expenses. 4. Paid $51.500 to creditors, after offset of a $3,700 credit memorandum received on January 11, 20X1. 5. Retained $12,200 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. February 20X1 6. Paid $5,100 liquidation expenses. 7. Retained $7.100 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. March 20X1 8. Received $150.600 on sale of all items of machinery and equipment. 9. Paid $6.100 liquidation expenses. 10. Retained no cash in the business. 5 Required: Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners. (Round your answers to nearest whole dollar.) 5 points ABC PARTNERSHIP Statement of Partnership Realization and Liquidation For the period from January 1, 20X1, through March 31, 20X1 eBook Capital Balances Bru Cash Other Assets Accounts Payable Art Chou Print Balances before liquidation, January 1, 20X1 January transactions: Collection of accounts receivable at a loss Sale of inventory at a loss Liquidation expenses paid Share of credit memorandum Payments to creditors References Safe payments partners February transactions: Liquidation expenses paid Safe payments partners March transactions: Sale of M&Eq. at a loss Liquidation expenses paid Payments to partners Balances at end of liquidation, March 31, 20X1 Active ok ht ABC PARTNERSHIP Schedule of Safe Payments to Partners Art Bru 60% 20% Schedule 1: January 31, 20X1 Capital balances Potential Losses and Expenses Chou 20% 3 nces Allocation of potential deficit Safe payment, January 31, 20X1 Schedule 2: February 27, 20X1 Capital balances Potential Losses and Expenses Allocation of potential deficit Safe payment, February 27, 20X1