On March 1, 20X9, the ABC partnership decided to complete a lump-sum liquidation as soon as possible. The partnership balance sheet prepared on March 1 appears below:

ABC Partnership
Balance Sheet
March 1, 20X9
Cash	$ 50,000	Accounts Payable	$ 200,000
Accounts Receivable	60,000	Due to Partner A	30,000
Inventory	100,000	A, Capital (30%)	350,000
Investments	40,000	B, Capital (40%)	80,000
Plant and Equipment-Net	650,000	C, Capital (30%)	240,000
Total Assets	$ 900,000	Total Liability and Capital	$ 900,000

The partners share profits and losses in the ratio of 3:4:3. Partner B is personally insolvent, but partners A and C have sufficient personal assets to satisfy any capital deficits. On March 15, 20X9, the noncash assets were sold for $550,000. Lump-sum payments are made to the partners on March 16, immediately after the creditors have been paid.

Required:

Prepare a statement of partnership realization and liquidation.