On March 1, 2021, the partners of Julia, Kyle, and Nicky (who shared profits and losses in the ratio of 4:4:2, respectively) decided to liquidate their partnership. The balance sheet at this date was as follows: Assets Liabilities and capital balance Cash $35.100 Accounts payable 103.350 Accounts Receivable 128.700 Nicky, loan 39,000 Inventory 101.400 Julia, capital 195.500 Machinery and equipment, net 368.550 Kyle capital 330 100 Pulia, Loan $s so Nicky, capital Total 5692,250 Total SC42.250 The partners planned a program of piecemeal conversion of the business assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, was to be distributed to the partners at the end of each month. A summary of liquidation transactions during March follows: 1. 899,400 was collected on the accounts receivable, the balance was deemed to be uncollectible. 2. $74,100 was received for the entire inventory. 3. $3,900 in liquidation expenses were paid. 4. 596,550 was paid to outside creditors, after receiving a $6,800 credit memo from a creditor. 5. Cash of $8,500 was retained at the end of the month to cover unrecorded liabilities and anticipated expenses. The safe payment of cash was distributed to the partners. Requirements: (1) Calculate the actual loss for March and potential liquidation loss. (2) Calculate the safe payments to be made to the partners at the end of March Name: (1) Calculate the actual loss for March and potential liquidation loss. Answer: Actual loss Potential loss: (2) Calculate the safe payments to be made to the partners at the end of March Answer: Julia: Kyle: Nicky