The YIA Partnership decided to liquidate as of December 31, 2021. Its balance sheet as of this date as follows: 2. Cash Account Receivable (Net) Inventory Property, Plant, and Equipment (Net) Patent Total Assets Personal Assets Personal Liabilities Personal net worth Assets January February "YIA" Partnership Balance Sheet December 31, 2021 March Additional Information: 1. The personal assets (excluding partnership loan and capital interests) and personal liabilities of each partner as of December 31, 2022, follow: Yana Liabilities and Capital $450,000 850,000 650,000 Yana, Capital 1,750,000 Ira, Capital 300,000 Aline, Capital 4,000,000 Total Liabs and Capital Account Payable $ 555,000 (400,000) $ 155,000 Ira 725,000 (550,000) $ 175,000 3. The YIA Partnership was liquidated during the months of January, February, and March, 2022. Cash is distributed to the partners at the end of each month. A summary of the liquidation transactions follows: Month Description Elimination of Patent Collected A/R $600,000 and the balance is uncollectible. Received $400,000 for the entire inventory $ 650,000 1,750,000 1,100,000 500,000 4,000,000 purposes. Retained $10,000 cash in the business at the end of the month. Aline 4. Yana, Ira, and Aline share profits and losses in the ratio 40:40:20, respectively. $350,000 (500,000) $(150,000) Paid $10,000 liquidation expense Paid $650,000 to creditors Retained $15,000 cash in the business at the end of the month. Paid $15,000 in liquidation expenses. As part payment of his capital, Ira accepted an item of special equipment that he developed, which had a book value of $450,000. Partners agreed that a fair value of $600,000 should be placed on this item for liquidation Received $1,200,000 on sale of remaining Property, Plant, and Equipment Paid $5,000 liquidation expenses, retaining no cash in the business. Required: Prepare a Statement of partnership realization and liquidation for the YIA Partnership for the three- month period. Support each cash distribution to the partners with a schedule of safe payment to partners.