III PROBLEM QUESTIONS have decided to liquidate their partnership. The liquidation begins on September 8, 2010 will continue for approximately three months. They share profits and losses 50:30:20 respectively. The following trial balance was supplied by the partners just before the liquidation begins on September 8, 2019. A. Sunshine, Ivory, and Ebony are partners in an Aviation Flight Training Schools. They and Cash Receivables Inventory Notes Receivable (Sunshine) Plant Assets (net) Current Liabilities Sunshine, capital (50%) Notes Payable (Ivory) Ivory, capital (30%) Notes Payable (Ebony) Ebony, capital (20%) S 55,000 70,000 80,000 20,000 150,000 (36,000) (122,000) (10,000) (82,000) 23,000) (102,000) Liquidation expenses are estimated to be $9,000 for September, $23,000 for October, and $13,000 for November. The following events occur during the liquidation: September 8 Receivables are sold to a bank for $35,000 September 20 Inventory is sold for $60,000 September 31 Liquidation expenses for the month are $12,000 October 15 Plant assets with a book value of $65,000 are sold for $40,000. October 30 Liquidation expenses for the month are $20,000 November 7 Plant assets with a book value of $50,000 are sold for $30,000. November 22 The remainder of the plant assets are sold for $25,000. November 31 Liquidation expenses for the month are $9,000. Required: Prepare a schedule of partnership liquidation showing the cash distributions made at the end of each month during the liquidation period. Also prepare the accompanying schedule of safe installment payments. Use the spreadsheet provided for your answers. CASH nt LIABILITIES inn SAFE PAYMENT SCHEDULE FOR THE INSTALLMENT LIQUIDATION OF PARTNERSHIP I SUNSHINE VORY I EBONY NAME