Lennon, Newman, and Ott operate the LNO Partnership. The partnership agreement provides that the partners share profits in the ratio of 40:40:20, respectively. Unable to satisfy the firm's debts, the partners decide to liquidate. Account balances just prior to the start of the liquidation process are as follows: Debit Credit Cash $ 90,000 Other Assets 330,000 Liabilities $165,000 Ott, Loan 36,000 Lennon, Capital 165,000 Newman, Capital 36,000 Ott, Capital 39,000 Ott, Drawing 21.000 Totals $441.000 $441.000 During the first month of liquidation, other assets with a book value of $150,000 are sold for $165,000, and creditors are paid. In the following month unrecorded liabilities of $12,000 are discovered and assets carried on the books at a cost of $90.000 are sold for $36,000. During the third month the remaining other assets are sold for $42.000 and all available cash is distributed. Required: Prepare a schedule of partnership realization and liquidation. A safe distribution of cash is to be made at the end of the second and third months. The partners agreed to hold $30,000 in cash in reserve to provide for possible liquidation expenses and/or unrecorded liabilities. All of the partners are personally insolvent