On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5:3:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows:

	Debit				Credit
Cash		$	21,200
Accounts Receivable			74,000
Inventory			60,000
Machinery and Equipment (net)			197,000
Accounts Payable						$	56,200
Art, Capital							96,000
Bru, Capital							118,000
Chou, Capital							82,000
Total		$	352,200			$	352,200

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 $57,400 on accounts receivable; the balance is uncollectible.
2. Received $42,800 for the entire inventory.
3. Paid $3,600 liquidation expenses.
4. Paid $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. Paid $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. Paid $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.)

statement or rartnership Realization and Liquidation For the period from January 1, 20X1, through March 31, 20X1 Capital Balances Bru Cash Other Assets Accounts Payable Art Chou Balances before liquidation, January 1, 20X1 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 February transactions: Liquidation expenses paid Safe payments to partners March transactions: Sale of M&Eq. at a loss Liquidation expenses paid Payments to partners Balances at end of liquidation, March 31, 20X1