Question:

Alto, Blau, and Chan (ABC Partnership) decide to liquidate their partnership on September 1, 2019. The company's trial balance on that day shows the following:

ABC PARTNERSHIP
Trial Balance
September 1, 2019
Cash	$10,000
Noncash Assets	90,000
Liabilities		$42,000
Alto, Capital (40%)		34,000
Blau, Capital (40%)		10,000
Chan, Capital (20%)		14,000
Total	$100,000	$100,000

Blau is personally insolvent. Alto and Chan are personally solvent. Partnership is liquidated in installments over a three month period. Noncash assets are sold as follows: September 15, noncash assets with a book value of $55,000 sold for $45,000, Loss allocated among partners. Creditors are paid on September 28.

On October 15, noncash assets with book value $30,000 sold for 15,000, loss allocated among partners. On November 15, noncash assets with book value $5,000 sold for $5,000. During the liquidation, process partners decided to keep $10,000 to meet contingencies.

Any cash available are to be distributed on the end of the month.

1) Prepare Statement of Partnership Realization and Liquidation- installment Liquidation September, October, and November.

2) Prepare a schedule of safe payments to partners for September and October.