On January 1, 20X1. partners Ant. Bru, and Chou, who share profits and losses in the ratio of 532, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Credit Debit 321,200 74,000 60,000 197,000 Cash Accounts Receivable Inventory Machinery and Equipment (net) Accounts Payable Ant Capital bru, Capital Chou, Capital Total $ 56,200 96,000 110,000 R2,000 $352,200 3352,200 The partners plan a program of plecemeal 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 20X1 1. Collected $57.400 on accounts receivable, the balance is uncollectible 2. Received $42.800 for the entire inventory 3. Pald $3,600 liquidation expenses 4. Pald $52,000 to creditors, after offset of a $4.200 credit memorandum received on January 11, 20x1. 5. Retained $10,500 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses February 20X1 6. Pald $5.600 liquidation expenses 7 Retained $4.900 cash in the business at the end of the month for potential recorded abilities and anticipated expenses February 20x1 6. Pald $5.600 liquidation expenses. 7 Retained $4.900 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses March 20X1 8. Received $153,600 on sale of all items of machinery and equipment. 9. Pald $4.000 liquidation expenses 10. Retained no cash in the business Required: Prepare a statement of partnership liquidation for the partnership with schedules of safe payments to partners. (Round your answers to nearest whole dollar) ABC PARTNERSHIP Statement of Partnership Realization and Liquidation For the period from January 1, 20X1 through March 3, 20X1 Cash Other Assets Accounts Payable 21,200 331,000 Capital Balances Brt Btu (98,000) 118,000 Chou (82.000) Balances before liquidation January 1, 20X1 January transactions Collection of accounts receivable at a loss Sale of inventory at a loss to expenses paid Share of credit memorandum Payments to creditor 57.400 42.800 (3.800 (74.000) 100.000 8,300 8,000 1.800 (2.100) 4,080 5,100 1,000 (1.2001 3.220 1.440 720 (040) (62.000) Collection of accounts receivable at a loss Sale of Inventory at a loss Liquidation expenses paid Share of credit memorandum Payments to creditors 57.400 42,800 (3.000) (74.000) (00,000) 8,300 8,600 1,800 (2.100) 4,080 5.180 1,080 (1.200) 3,320 3.440 720 (840) 0 0 $ (52.000) 65,800 $ (55.300) 197,000 5 0 $ (110,800) 5 105,520 5 (00.320) Safe payments to partners $ 10,500 5 197,000 $ 0 $ (110.800) $ 105,520 $ (00,320) February transactions Liquidation expenses paid 5.000 4.000 $ $ 197.0005 05 (110,800) 5 106,620 $ (90,320) Safe payments to partners $ 4,000 $ 197,000 03 (116.800) 5 105,520 5 (00.320) March transactions Sale of M&E at a loss Liquidation expenses pad (107.000) 153,800 (4.000) 154.500 5 3 05 0 $ 116,800) 5 106,520 s (00.320) Payments to partners Balances at end of liquidation. Varen 31, 20X1 5 184 600 $ a 5 05 (110.600) 5 105,5205 (00 320) ABC PARTNERSHIP Schedule of Safe Payments to Partners