On January $1,$ the partners of Van, Bakel, and Cox $($who share profits and losses in the ratio of $5$:$3$:$2,$ respectively$)$ decide to terminate operations and liquidate their partnership. The trial balance at this date follows:

Debit Credit

Cash $ $24,000$

Accounts receivable $78,000$

Inventory $64,000$

Machinery and equipment, net $201,000$

Van, loan $42,000$

Accounts payable $ $77,000$

Bakel, loan $32,000$

Van, capital $124,000$

Bakel, capital $96,000$

Cox, capital $80,000$

Totals $ $409,000$ $ $409,000$

The partners plan a program of piecemeal conversion of the partnership$$s 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 Collected $$57,000$ of the accounts receivable; the balance is deemed uncollectible.

Received $$44,000$ for the entire inventory.

Paid $$8,000$ in liquidation expenses.

Paid $$68,000$ to the outside creditors after offsetting a $$9,000$ credit memorandum received by the partnership on January $11.$

Retained $$16,000$ cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners.

February Paid $$9,000$ in liquidation expenses.

Retained $$4,000$ cash in the business at the end of the month to cover additional liquidation expenses.

March Received $$152,000$ on the sale of all machinery and equipment.

Paid $$11,000$ in final liquidation expenses.

Retained no cash in the business.

Prepare proposed schedules of liquidation on January $31,$ February $28,$ and March $31$ to determine the safe payments made to the partners at the end of each of these three months.January

February

March

March

deducted should be entered with a minus sign.$)$ be entered with a minus sign.$)$