Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances: Cash Inventory $ 25,000 Accounts Payable 120,000 Maness, Capital Joiner, Capital $15,000 65,000 65,000 Meness and Joiner share profits and losses in an 8:2 ratio. During the first month of liquidation, half the inventory was sold for $40,000, and $10,000 of the accounts payable was paid. During the second month, the rest of the inventory was sold for $30,000, and the remaining accounts payable were paid. Cash was distributed at the end of each month, and the liquidation was completed at the end of the second month Required: Prepare a statement of partnership realization and liquidation with a schedule of safe payments for the two-month Iquidation perlod. MANESS AND JOINER PARTNERSHIP Combined Statement of Realization and Schedule of Safe Payments Capital Cash Accounts Inventory Maness Payable Balances Sale of inventory Payment to creditors Joiner Payments to partners (Schedule 1) Sale of inventory Payment to creditors Payments to partners Balances Sale of inventory Payment to creditors Payments to partners (Schedule 1) Sale of inventory Payment to creditors Payments to partners Balances s MANESS AND JOINER PARTNERSHIP Schedule 1 Safe Payments at End of First Month Maness Joiner 80% 20% Capital balances Potential loss on remaining inventory Safe payments to partners