The ABC Partnership has decided to liquidate as of December 1, 20X8. A balance sheet on the date follows.

At December 1, 20X8
Assets
Cash					$	25,000
Accounts Receivable (net)						75,000
Inventories						100,000
Property, Plant and Equipment (net)						300,000
Total Assets					$	500,000
Liabilities and Capital
Liabilities:
Accounts Payable					$	270,000
Capital:
Partner A, Capital	$	120,000
Partner B, Capital		50,000
Partner C, Capital		60,000
Total Capital						230,000
Total Liabilities and Capital					$	500,000

Additional Information:

1. Partner A is solvent, while both Partner B and Partner C are insolvent.

2. Partners A, B and C share profits and losses in the ratio of 1:2:2.

3. The partnership sold all noncash assets on December 20, 20X8, for $260,000.

Task: Prepare a statement of realization and liquidation for the ABC Partnership on December 20, 20X8.