J and L Balance Sheet at 12/31/2023 Assets Liabilities Capital Cash $10,000 Accounts Payable $40,000 Accounts Receivable 30,000 Loan from J 15,000 Inventory 35,000 J-Capital 25,000 Plant Assets-Net 40,000 L-Capital 35,000 J and L share profits and losses 70% and 30%, respectively, and agree to liquidate their partnership as soon as possible after January 1, 2024. Assume that on January 5, 2024, the inventory items are sold for $25,000, plant assets are sold for $30,000, and $22,000 is collected on the accounts receivable balance. J and L use Loan offsetting in their partnership. Required: Prepare a Statement of Partnership Liquidation for the "Lump Sum" Liquidation on January 5, 2024 [Refer to Ex 15-12 before working HW]