On January 1, 20X1, 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: Debit Credit Cash Accounts Receivable Inventory Machinery and Equipment (net) Accounts Payable Art, Capital Bru, Capital Chou, Capital Total s 21,400 74,500 60,500 197,500 56,400 96,500 118,500 82,500 $353,900 $353,900 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 20X1 1. Collected $57,800 on accounts receivable; the balance is uncollectible 2. Received $43,100 for the entire inventory 3. Paid $3,700 liquidation expenses. 4. Paid $52,400 to creditors, after offset of a 4. Paid $52,400 to creditors, after offset of a $4,000 credit memorandum received on January 11, 20X1 end of the month for potential unrecorded 5. Retained $11,500 cash in the business at the liabilities and anticipated expenses. February 20X1 6. Paid $5,700 liquidation expenses 7. Retained $5,800 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. March 20X1 8. Received $154,200 on sale of all items of machinery and equipment. 9. Paid $4,100 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.)