The ABC Partnership decided to terminate its affairs as of December 31, 2018. The following information is taken from the balance sheet that was prepared as of the date of termination:

Partners A, B, and C share profits and losses 30:20:50, respectively.

Assume that 60% of the noncash assets were sold for $450,000 and that 40% of the liabilities were paid at the first stage of liquidation. All other assets and liabilities were settled at the second stage. (Hint: Combine receivables, inventories and fixed assets as Other Assets $1,000,000).

Prepare a safe payment schedule assuming that all partners are insolvent. Show all computations.