Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances:

Cash	$	25,000		Accounts Payable	$	15,000
Inventory		120,000		Maness, Capital		65,000
				Joiner, Capital		65,000

Maness 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.

Partners Maness and Joiner have decided to liquidate their business. The ledger shows the following account balances: Cash Inventory $ 25,eee Accounts Payable 120,eee Maness, Capital Joiner, Capital $15, eee 65,000 65, eee Maness 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 pald. 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 liquidation period. MANESS AND JOINER PARTNERSHIP Combined Statement of Realization and Schedule of Safe Payments Capital Accounts Cash 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 . Prepare a statement of partnership realization and liquidation with a schedule of safe payments for the two-month liquidation period. MANESS AND JOINER PARTNERSHIP Combined Statement of Realization and Schedule of Safe Payments Capital Accounts Cash 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 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