The ABC Partnership has decided to liquidate as of December 1, 20X8. A balance sheet on the date follows. At December 1, 20X8 Assets 25,000 75,000 100,000 300,000 500,000 $ Cash Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: Partner A, Capital Partner B, Capital Partner C, Capital Total Capital Total Liabilities and Capital $ 270,000 $ 120,000 50,000 60,000 230,000 500,000 $ 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