The partnership of Homer, Marge, and Bart share profits and losses in the ratio of 4:4:2, respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows:

AssetsLiabilities and Equity

Cash$150,000 Liabilities$120,000

Other assets600,000 Homer, Capital180,000

Marge, Capital 210,000 Bart, Capital240,000

Total assets$7$00 Total Lia & Equity 750,000

The partnership will be liquidated over a prolonged period of time. As cash is available, it will be distributed to the partners. The first sale of noncash assets having a book value of $360,000 realized $285,000. How much cash should be distributed to each partner after this sale?

Required:

Prepare: a schedule of liquidation through the first cash distribution and a supporting schedule of safe payment.