The partners of the Minion, Nocti and Overly partnership share profits and losses in the ratio of 6:3:1, respectively. The partners have decided to liquidate and terminate the partnership. Prior to liquidation, the partnership balance sheet was as follows:

Cash	$20,000	Liabilities	$120,000
Inventory	100,000	Minion, capital	60,000
Fixed assets - net	160,000	Nocti, capital	80,000
		Overly, capital	20,000
Total assets	$280,000	Total equity	$280,000

Required:

Prepare a schedule of liquidation, given that the partnership sold the inventory for $40,000 and the fixed assets for $120,000.