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I need help with all 3 parts. please! On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the

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I need help with all 3 parts. please!

On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to liquidate their partnership. The trial balance at this date follows: Credit Debit $ 27,000 84,000 70,000 207,000 48,000 Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals $ 89,000 38,000 127,000 99,000 83,000 $ 436,000 $ 436,000 The partners plan a program of piecemeal conversion of the partnership's 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 Collected $60,000 of the accounts receivable; the balance is deemed uncollectible. Received $47,000 for the entire inventory. Paid $3,000 in liquidation expenses. Paid $85,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnership on January 11. Retained $19,000 cash in the business at the end of January to cover any un recorded liabilities and anticipated expenses. The remainder is distributed to the partners. February Paid $4,000 in liquidation expenses. Retained $7,000 cash in the business at the end of the month to cover un recorded liabilities and anticipated expenses. March Received $155,000 on the sale of all machinery and equipment. Paid $6,000 in final liquidation expenses. Retained no cash in the business. Prepare a schedule to compute the safe installment payments made to the partners at the end of each of these three months. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. > Answer is not complete. Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of January. Van VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners January 31 Bakel 50 % 30 % $ 127,000 $ 99,000 (48,000) 38,000 $ 79,000 137,000 (27,500) X (16,500) X % Profit and loss ratio Capital balances - January 1 Add (deduct) loans Adjusted capital balances - January % Cox 20 $ 83,000 0 Total 100 $ 309,000 (10,000) $ 83,000 $ 299,000 (11,000) (55,000) $ 72,000 $ 244,000 Allocation of January net loss Capital balances - January 31 Potential loss Subtotal Allocation of deficit balances Safe payments to partners - January 31 $ 51,500 (114,500) $(63,000) 75,000 $ 12,000 120,500 (68,700) $ 51,800 (33,000) $ 18,800 (45.800) X $ 26,200 (42,000) (229,000) $ 15,000 (15.800) $ 15,000 Answer is not complete. Complete this question by entering your answers in the tabs below. January February March Prepare a schedule to compute the safe installment payments made to the partners at the end of March. Total 100 VAN, BAKEL, AND COX PARTNERSHIP Safe Installment Payments to Partners March 31 Van Bakel 50 % 30 % $ 73,200 (3,600) 122,000 $ 69,600 % Profit and loss ratio Capital balances - February 28 Safe payments - February 28 % Cox 20 $ 48,800 (2,400) $ 46,400 122,000 0 244,000 (6,000) Capital balances - March 1 238,000 Allocation of March net loss 122,000 $ 69,600 $ 46,400 238,000 Capital balances - March 31 Final payments to partners - March 31 Ending balances - March 31 122,000 $ 69,600 $ 46,400 238,000

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