On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:32, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: Debit Credit Cash $ 34,000 Accounts receivable 98,000 Inventory 84,000 Machinery and equipment, net 221,000 Van, loan 62,000 Accounts payable $ 97,000 Bakel, loan 52,000 Van, capital 154,000 Bakel, capital 106,000 Cox, capital 90,000 Totals $ 499,000 $499,000 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 $67,000 of the accounts receivable; the balance is deemed uncollectible. Received $54,000 for the entire inventory. Paid $2,000 in liquidation expenses. Paid $94,800 to the outside creditors after offsetting a $3,000 credit memorandum received by the partnership on January 11. Retained $26,000 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. February Paid $3,000 in liquidation expenses. Retained $14,00 cash in the business at the end of the month to cover additional liquidation expenses. March Received $162,000 on the sale of all machinery and equipment. Paid $5,000 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. Complete this question by entering your answers in the tabs below. January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of January. (Amounts to be deducted should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation January 31 Van, Capital Cash Noncash Assets Liabilities and Loan 50% Bakel Cox, Capital Capital and 20% Loan 30% Balances - January 1 Collected accounts receivable Sold inventory Pald liquidation expenses Paid accounts payable Subtotal (actual balances) Maximum loss on assets Maximum liquidation expenses Subtotal (potential balances) Allocation of deficit capital balance Safe payments to partners - January 31 0 0 0 0 $ 0 0 0 0 $ 0 $ 0 $ ols 0 $ 0 $ 0 February > Complete this question by entering your answers in the tabs below. January February March Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of February. (Amounts to be dedu should be entered with a minus sign.) VAN, BAKEL, AND COX PARTNERSHIP Proposed Schedule of Liquidation February 28 Cash Noncash Liabilities Assets Van, Capital and Loan 50% Bakel Capital and Loan 30% Cox, Capital 20% 0 0 0 0 0 0 0 Balance before January 31 safe payments Safe payments to partners - January 31 Balances - February 1 Paid liquidation expenses Subtotal (actual balances) Maximum loss on assets Maximum liquidation expenses Subtotal (potential balances) Allocation of deficit capital balance Safe payments to partners - February 28 0 0 0 0 0 0 0 0 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0