signment 2 Rachinery and Equipment (net) On January 1, 20x1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 5.3.2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows: Debit $ 22,000 76,000 62,000 199,000 Saved $359,000 Credit $ 57,000 98,000 120,000 84,000 $359,000 The partners plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows. January 20X1 1 Collected $59.000 on accounts receivable; the balance is uncollectible. 2 Received $44.000 for the entire inventory. Help Save

partiessho The peitnership tral balance at this date follows: trancections toisins. 1. Collected $59,000 on accounts receivable; the balance is uncollectible. 2. Recelved $44,000 for the entire inventory. 3 Paid 54,000 liquidation expenses. 4. Paid 552.500 to creditors, after offset of a $4.500 credit memorandum received on January 11.201. 5 Retained 511,000 cash in the business at the end of the month for potental unsecorded liabilibes and ancipated expenses. February 201 6. Paid 55000 liquidation expenses 7. Retained $5.000 cash in the business at the ehd of the month for potential unrecorded labicies and anticoesed expenses Match 201 Received 5156.000 or sale of all rems of machinery and equipment. Paid 54500 kquidation expenses Fieteined no cash in the businers. Required: mequireo: Fiepare a statement of partnesship liquidation for the parmership with schedules of safe payments to partners. (Round your answers to nearest whole dollor) ABC PARTNERSHIP Schedule of Safe Payments to Partners partiessho The peitnership tral balance at this date follows: trancections toisins. 1. Collected $59,000 on accounts receivable; the balance is uncollectible. 2. Recelved $44,000 for the entire inventory. 3 Paid 54,000 liquidation expenses. 4. Paid 552.500 to creditors, after offset of a $4.500 credit memorandum received on January 11.201. 5 Retained 511,000 cash in the business at the end of the month for potental unsecorded liabilibes and ancipated expenses. February 201 6. Paid 55000 liquidation expenses 7. Retained $5.000 cash in the business at the ehd of the month for potential unrecorded labicies and anticoesed expenses Match 201 Received 5156.000 or sale of all rems of machinery and equipment. Paid 54500 kquidation expenses Fieteined no cash in the businers. Required: mequireo: Fiepare a statement of partnesship liquidation for the parmership with schedules of safe payments to partners. (Round your answers to nearest whole dollor) ABC PARTNERSHIP Schedule of Safe Payments to Partners