The partners of Donald, Chief & Berry LLP decided to liquidate on August 1, 2011. The balance sheet of the partnership is as follows, with profit and loss ratio of 25%, 45%, and 30%, respectively.

Donald, Chief, & Berry LLP

Balance Sheet Aug 1, 2011

Assets		Liabilities & Partner's Capital
Cash	60,000	Trade accounts payable	130,000
Loan Receivable from Donald	40,000	Loan payable to Chief	60,000
Other Assets	500,000	Donald, capital	140,000
		Chief Capital	160,000
		Berry, capital	110,000
Total	600,000	Total	600,000

The disposal of Other Assets with a carrying amount of $200,000 realized $140,000, and all available cash was distributed.

a.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record the realization of Other Assets.

b.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011 to record payment of liabilities.

c.) Prepare the journal entry for Donald, Chief, & Berry LLP on August 1, 2011, to record the offset of the loan receivable from Donald.

d.) Prepare the schedule to compute the cash payments to the partners.