The Christmas Tree Company has been in business for 10 years. Due to the fact that many more people are using artificial and pre-lit trees the business is declining. The partners have decided to cease the operation of the partnership and liquidate the assets. The partners Pine, Spruce and Fir share profits and losses 20%, 50%, and 30%, respectively. The following information, presented in chronological order, is relevant to the liquidation of the partnership 1. The following balances existed prior to the commencement of the liquidation December 31, 2020 Assets Liabilities and Capital Cash $10,000 Accounts Payable $20,000 Inventory $40,000 Land $100,000 Pine, Capital $50,000 Equipment $70,000 Spruce, Capital $90,000 Fir, Capital $60,000 Total Assets $220,000 Total liabilities and capital $220,000 2. The inventory was sold $20,000, January 21, 2021. 3. The company held an auction and sold the equipment for $40,000 March 1, 2021. 4. The liabilities were paid on March 25, 2021. 5. The land finally sold for $200,000 on June 1, 2021. 6. All available cash was distributed to the partners on June 30, 2021. Use the spreadsheet on the following page to liquidate the partnership Installment liquidation schedule Other Assets Partnet's Capital Balance Spruce Cash + Liabilities + Pine + + Fir Evel Profit and loss percentages 1 Beginning balances 2 Sale of Inventory Balances 3 Sale of Equipment Balances 4. Payment of liabilities Balances 5 Land Salle Balances 6. Distribution of remaining cash to partners Balances