- The JKLM Partnership has the following balance sheet at February 1: $ Assets Cash Receivables Inventory Plant & equipment 40,000 180,000 220.000 Liabilities $ 10,000 Accounts payable 25,000 Bank loan payable 100,000 Total liabilities 500,000 Capital Capital-Johnston Capital-Kelly Capital-Lynch CapitalMurphy Total capital $ 635,000 120,000 100,000 45,000 150.000 415.000 $ 635.000 The partners share income in a 3:2:1:4 ratio. The partnership liquidated during the period February 1 to March 31. Events for each month are as follows: February 1. Collected receivables of $20,000 and wrote off the remaining receivables. 2. Sold half the inventory for $40,000. 3. Sold half the plant & equipment for $179,000. 4. Retained $10,000 in cash for unplanned expenditures. March 1. Sold the remaining balance of inventory for $20,000. 2. Sold the remaining balance of plant & equipment for $160,000. 3. Distributed all remaining cash. Required a. Calculate the cash available for distribution to the partners at the end of February and prepare a schedule to determine the safe payments to each partner. b. Calculate the cash available for distribution to the partners at the end of March and prepare a schedule to determine the safe payments to each partner