The partners have decided to liquidate their partnership by installments instead accepting the of offer of $180,000. Cash is distributed to the end of each month. A summary of the liquidation transactions for the first 2 months follows: October $25,000 is collected on accounts receivable; balance is uncollectible. $20,000 received for the entire inventory. $1, 500 liquidation expense paid. $40,000 paid to creditors. $10,000 cash retained in the business at the end of the month. $2,000 in liquidation expenses paid. As part payment of his capital, Nixon accepted an item of special equipment that he developed, which had a book value of $8,000. The partners agreed that a value of $12,000 should be placed on this item for liquidation purposes. $4,000 cash retained in the business at the end of the month. Required: Prepare a statement of partnership realization and liquidation with supporting schedules of safe payments to partners