On December 31, 2016, the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash Assets 271,360 Accounts Payable 51,200 Loan Payable to Dorie 20,480 Cherry, Capital 49,152 Dorie Capital 73,728 Oscar, Capital 92,160 Profit and losses were shared as follows Cherry, 30 % Dorie, P30 % and Oscar, 40 % It was decided to liquidate the business The following is a summary of the realization and liquidation Expense activities. Assumptions : A. The company will undergo Lump - sum liquidation.Other assets of the company was realized for 200,000. Required : Make a statement of Liquidation. B. The company will undergo Instalment liquidation. The assets are realized as follows: PeriodBV of assets Cash Proceeds 1st 133,120 81,920 2nd 76,800 51,200 3rd 61,440 35,840 Required: Make a statement of liquidation and schedule of payments for the 1st and 2nd Period. On December 31, 2016, the balance sheet of CDO Partnership is as follows : Cash 15,360 Noncash Assets 271,360 Accounts Payable 51,200 Loan Payable to Dorie 20,480 Cherry, Capital 49,152 Dorie Capital 73,728 Oscar, Capital 92,160 Profit and losses were shared as follows Cherry, 30 % Dorie, P30 % and Oscar, 40 % It was decided to liquidate the business The following is a summary of the realization and liquidation Expense activities. Assumptions : A. The company will undergo Lump - sum liquidation.Other assets of the company was realized for 200,000. Required : Make a statement of Liquidation. B. The company will undergo Instalment liquidation. The assets are realized as follows: PeriodBV of assets Cash Proceeds 1st 133,120 81,920 2nd 76,800 51,200 3rd 61,440 35,840 Required: Make a statement of liquidation and schedule of payments for the 1st and 2nd Period.