The partnership of Ready, Willing and Able is to be liquidated as soon as possible after December 31, 2019. All cash on hand except for a $10,000 contingency balance is to be distributed at the end of each month until the liquidation is completed. Profits and losses are shared 25%, 45% and 30% by Ready, Willing and Able, respectively. The partnership balance sheet at December 31, 2019 contains the following.

Assets Liabilities and Capital

Cash 120.000 Accounts payable 140,000

Accounts receivable 136,000 Note payable 130,000

Loan to Willing 28,000

Inventories 190,000 Ready Capital (25%) 196,000

Land 134,000 Willing Capital (45%) 147,000

Equipment net 135,000 Able Capital (30%) 220,000

Goodwill 90,000

A summary of liquidation events is as follows

January 2020

Goodwill is written off, $100,000 is collected on account, inventory items that cost $125,000 are sold for $75,000. The accounts payable and notes payable are paid and cash is distributed.

February 2020

Equipment with a book value of $90,000 is sold for $50,000, the remaining inventory items are sold for $75,000, liquidation expenses of $6,000 are paid and cash is distributed.

March 2020

The land is sold for $150,000, remaining accounts receivable are written off, the remaining equipment is sold for $25,000 and cash is distributed.

REQUIRED: Prepare a statement of liquidation including safe payment schedules as required.