On Sept. 12, partners Brittney, Yuri and Rosaria decided to liquidate their partnership. The partners have capital balances of $30,000, $32,000 and $23,000 respectively. The cash balance is $40,000; the book values of all the non cash assets total $70,000 and liabilities total $25,000. The partners share income and losses in a ratio 1:2:3. The non cash assets are sold for $55,000. Without preparing the statement of liquidation, IN YOUR OWN WORDS, EXPLAIN the entire process that would need to take place in order to liquidate the partnership, starting with stage one. Ensure that you state if this is case 1, 2 3 or 4 of liquidating and why. Amounts for each stage and balances after each stage are not required in your explanation. However, to end your explanation, ensure that you state how much of the remaining cash each partner should finally receive from the business.