Lewis, Nance, and Otis operate the LNO Partnership. The partnership agreement provides that thepartners share profits in the ratio of 40:40:20, respectively. Unable to satisfy the firm's debts, thepartners decide to liquidate. Account balances just prior to the start of the liquidation process are asfollows:

Debit

Cash $ 90,000O

ther Assets 330,000

Credit

Liabilities $165,000

Otis, Loan 36,000

Lewis, Capital 165,000

Nance, Capital 36,000

Otis, Capital 39,000

Otis, Drawing 21,000

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 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. Prepare A safe distribution schedule

:Prepare a schedule of partnership realization and liquidation. Prepare A safe distribution schedule