On January $1,20$X$1,$ partners Art, Bru, and Chou, who share profits and losses in the ratio of $6$:$2$:$2,$ respectively, decide to liquidate their

partnership. The partnership trial balance at this date follows:

The partners plan a program of piecemeal conversion of 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 $201$

Collected $$56,600$ on accounts receivable; the balance is uncollectible.

Received $$42,200$ for the entire inventory.

Paid $$3,400$ liquidation expenses.

Paid $$52,300$ to creditors, after offset of a $$3,500$ credit memorandum received on January $11,201.$

Retained $$12,800$ cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.

February $20$x$1$

Paid $$5,400$ liquidation expenses.

Retained $$7,400$ cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.