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	$	20,200
Accounts Receivable		71,500
Inventory		57,500
Machinery and Equipment (net)		194,500
Accounts Payable			$	55,200
Art, Capital				93,500
Bru, Capital				115,500
Chou, Capital				79,500
Total	$	343,700	$	343,700

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 $55,400 on accounts receivable; the balance is uncollectible.
2.	Received $41,300 for the entire inventory.
3.	Paid $3,100 liquidation expenses.
4.	Paid $51,500 to creditors, after offset of a $3,700 credit memorandum received on January 11, 20X1.
5.	Retained $12,200 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.

February 20X1

6.	Paid $5,100 liquidation expenses.
7.	Retained $7,100 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.

March 20X1

8.	Received $150,600 on sale of all items of machinery and equipment.
9.	Paid $6,100 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 (schedules of safe payments have been presented offline).(Round your answers to nearest whole dollar.)

Capital Balances

Cash Other assets Accounts payable Art Bru Chou

Balances before liquidation January 1, 20X1

January transactions:

Collection of accounts receivables at a loss

Liquidation expenses paid

Share of credit memorandum

Payments to creditors

Safe payments to partners

February transactions:

Iquidation 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 21 20X1