,on March 1, 20x9, the ABC partnership decides 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 Accounts Receivable Inventory Investments Plant and Equipment-Net $ 50,000 60,000 100,000 40,000 650,000 $900,000 Accounts Payable Due to Partner A A, Capital (30%) B. Capital (40%) C. Capital (30%) Total Liability and Capital $200,000 30,000 350,000 80,000 240,000 Total Assets $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 non-cash assets are 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