Jason, Kelly, and Rice are partners who share profits 50:30:20, respectively. The partners mutually agree that their association should be dissolved. A condensed balance sheet before realization of assets following balances:

Assets	Liabilities
Cash $16,500	Liabilities $21,000
Accounts Receivable $28,000	Jason, Capital $69,000
Inventory $20,500	Kelly, Capital $47,000
Equipment-net $101,000	Rice, Capital $43,000
Loan to Jason $14,000
Total $180,000	Total $180,000

Cash is distributed at the end of each month, with $5,000 remained for possible contingencies.

Asset realization is accomplished as follows. Liquidation expense per month is $2,000

Date	Asset Sold	Book Value	Sales Price
January	Accounts Rec	$28,000	$25,000
February	Inventory	$20,500	$18,000
February	Equipment - net	$101,000	$90,000

Additional liabilities of $3,000 were discovered in February. All cash was then distributed in a final liquidation.

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.