On January 1, 20Xt, parthers Art. Bru, and Chow, whe share profits and iosses in the rato of 5.32 respecovely, decide to liquidate their parthership. The partinershio tral balance at this cate follows: The parthers pian a program of pipcemeal conversion of ascets to minimize liguidation liosses Al avarable cath, less an amount retained to provide for future expenses, is to be distribused to the partners at vhe end of eath monon. A summary of the liquidation transactions Foliows: January 20x1 4. Collected $55,000 an accounts recevable: the balance is uncolectale. 2. Received 541000 for the entire inventary. 3. Paid 33.000 tguidation expenses. 4. Paid $5200 to creditors, after offset of a $2.900 credic memorancum received on lanuary 11, 20xt. 5. Retained $12.000 caln in the outiness at the end of the month for poserntial uncecoroed asilities and anticipated expenses. February 20x1 6. Paid $5.000 hquidation expenses: 7. Retained $7,000 cash in the business at the end of the month for potemiat unvecorded lablicies and anticipared expenses. March 20x1 8. Recebed 5150.000 on sale of all kens of machinery and equipesent. 9. Paid 56,000 liquidation expenses. 19. Retahed no cash in the business. Required: Prepare a statement of partnership liquidation for the partrership with schedules of safe payments to partners. ABC PARTNERSHIP Schedule of Safe Payments to Partners On January 1, 20Xt, parthers Art. Bru, and Chow, whe share profits and iosses in the rato of 5.32 respecovely, decide to liquidate their parthership. The partinershio tral balance at this cate follows: The parthers pian a program of pipcemeal conversion of ascets to minimize liguidation liosses Al avarable cath, less an amount retained to provide for future expenses, is to be distribused to the partners at vhe end of eath monon. A summary of the liquidation transactions Foliows: January 20x1 4. Collected $55,000 an accounts recevable: the balance is uncolectale. 2. Received 541000 for the entire inventary. 3. Paid 33.000 tguidation expenses. 4. Paid $5200 to creditors, after offset of a $2.900 credic memorancum received on lanuary 11, 20xt. 5. Retained $12.000 caln in the outiness at the end of the month for poserntial uncecoroed asilities and anticipated expenses. February 20x1 6. Paid $5.000 hquidation expenses: 7. Retained $7,000 cash in the business at the end of the month for potemiat unvecorded lablicies and anticipared expenses. March 20x1 8. Recebed 5150.000 on sale of all kens of machinery and equipesent. 9. Paid 56,000 liquidation expenses. 19. Retahed no cash in the business. Required: Prepare a statement of partnership liquidation for the partrership with schedules of safe payments to partners. ABC PARTNERSHIP Schedule of Safe Payments to Partners