On January 1, 20x1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:3:1, 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 1. Collected $58,200 on accounts receivable; the balance is uncollectible. 2. Received $43,400 for the entire inventory. 3. Paid $3,800 liquidation expenses. 4. Paid $52,500 to creditors, after offset of a $4,100 credit memorandum received on January 11,201. 5. Retained $12,500 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. February 20x1 6. Paid $5,800 liquidation expenses. February 201 6. Paid $5,800 liquidation expenses. 7. Retained $6,700 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses. March 20x1 8. Received $154,800 on sale of all items of machinery and equipment. 9. Paid $4,200 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. Note: Round your answers to nearest whole dollar. Statement of Parthership Realization and Lquidation For the period from January 1, 20X1, through March 31, 20X1 Balances bofore liquidation, January 1,201 January transactions: Collection of accounts receivable at a loss Sale of inventory at a loss Liquidation expenses paid Share of credit memorandum Payments to creditors Safe payments to partners Balances at end of liquidation, March 31, 201 ABC PARTNERSHIP Schedule of Safe Payments to Partners