Option #2: Partnership Transactions Partners in the ABCD Partnership decided to dissolve their partnership. On that date, the partners had the following pre-liquidation capital balances: Partner A $28,000 Partner B 41,000 Partner C 18,000 Partner D 12,000 A, B, C, and D share residual profits and losses in a 4:3:2:1 ratio. Liabilities at the date of dissolution total $100,000, and noncash assets equal $105,000. During the first month of liquidation, assets having a book value of sold for $31,000. During the second month, assets having a book value of $32,000, were sold for $28,000. During the third month, the $55,000 were remaining unsold assets were determined to be worthless. The partners receive the maximum allowable payment at the end of each month. Submission Requirements: Part 1: Using the ACT470_Mod08-Portfolio_Option02.xls Excel spreadsheet in the Module 8 folder, prepare an installment liquidation schedule along with supporting safe payment schedules. 40% 30% 20% 10% Debit (Credit) Noncash Partners' Capital Accounts Cash Liabilities Assets A B Balance prior to liquidation Sale of noncash assets in month #1 Installment distrib to Partners #1 Sale of noncash assets in month #2 Installment distrib to Partners #2 Write off noncash assets in month # 3 Pay creditors Post-liquidation balances 0 0 0 0 0 0