URGENT

The partnership of Abby, Bob and Carle was dissolved on December 31, 2020. The trial balance at that date is shown below: Debit Credit Cash $54,000 Account receivable 55,000 nventory 56,000 Land 80,000 Building (net) 100,000 Loan to Bob 25,000 Accounts payable 1 10,000 Abby capital (30%) 145,000 Bob capital (50%) 165,000 Carle capital (20%) 50,000 Totals 420,000 420,000 Additional information on transaction occurred in December 31: 1. The partners agree to retain $ 18,000 cash on hand for contingencies and to distribute the rest of the available cash at the end of month. 2. Building with a book value of $55,000 was sold for $62,000 and inventory that cost $29,000 was sold for $25,000. REQUIRED: a) Prepare a schedule of safe payments for the partnership of Abby, Bob and Carle for December 2020. [8 Marks] b) Determine how the available cash on December 2020 will be distributed based on order of payment. [2 Marks]