my Work On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: Cash Debit 42,000 Credit Accounts receivable 114,000 Inventory 100,000 Machinery and equipment, net 237,000 Van, loan 78,000 Accounts payable $ 96,000 Bakel, loan 68,000 Van, capital Bakel, capital Cox, capital Totals 195,000 114,000 98,000 $571,000 $571,000 The partners plan a program of piecemeal conversion of the partnership's assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows: January Collected $75,000 of the accounts receivable; the balance is deemed uncollectible. Received $62,000 for the entire inventory. Paid $2,000 in liquidation expenses. Paid $93,000 to the outside creditors after offsetting a $3,000 credit nemorandum received by the partnership on January 11. Retained $34,000 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. Daid es non inimiidation avanee