The partnership of Luqman, Idris, and Nylah is to be liquidated as soon as possible after December 31, 2020. All cash on hand except for a $20,000 contingency balance is to be distributed at the end of each month until the liquidation. The partnership balance sheet at December 31, 2020, contains the following: LUQMAN, IDRIS, AND NYLAH BALANCE SHEET AS AT DECEMBER 31, 2020 Assets Cash Accounts receivable Loan to Nylah Inventories Land Equipment-net Goodwill Total $ 240,000 280,000 40,000 400,000 100,000 300,000 40,000 $1,400,000 Liabilities and Capital Accounts payable Note Payable Loan from Idris Luqman capital (50%) Idris capital (30%) Nylah capital (20%) $ 300,000 200,000 20,000 340,000 340,000 200,000 Total $1,400,000 A summary of liquidation events is as follows: January 2021 The loan to Nylah is offset against his capital balance, the goodwill is written off, $200,000 is collected on account, inventory items that cost $160,000 are sold for $200,000, non-owner liabilities are settled at recorded values, and cash is distributed. February 2021 Equipment with book value of $80,000 is sold for $60,000, the remaining inventory items are sold for $180,000, liquidation expenses of $4,000 are paid, a liability of $8,000 is discovered and paid, and cash is distributed. March 2021 The land is sold for $150,000, liquidation expenses of $5,000 are paid. Additional equipment is sold for $150,000, the remaining equipment and receivables are written off, and all cash on hand is distributed in final liquidation of the partnership. Required: Prepare a statement of liquidation for the LIN Partnership for January 2021. Also prepare a supporting schedule of safe payments for January 2021