On March 1, 2016, the ABC partnership decides to complete a lump-sum liquidation as soon as possible. The partners share profits and losses in the ratio of 2:5:3. Partner A and B is personally insolvent, but C have sufficient personal assets to satisfy any capital deficits. On March 5, 2016, the non-cash assets are sold for $120,000. Lump sum payments are made to the partners on March 16, immediately after the creditors have been paid. The partnership balance sheet prepared on March 1 appears below:

Cash	$ 10,000		Accounts Payable	$30,000
No Cash Assets	175,000		Due to Partner B	5,000
			A, Capital	10,000
			B, Capital	80,000
			C, Capital	60,000
Total Assets	$185,000		Total Liability and Capital	$185,000

Required:

Prepare a statement of partnership realization and liquidation, assume the partners loan is paid after outsider loan.