The partners in Apache Company decide to liquidate the firm when the balance sheet shows the following.

The partners share income and loss 5:3:2. During the process of liquidation, the transactions below were completed in the following sequence.1. A total of $57,000 was received from converting noncash assets into cash.2. Gain or loss on relization was allocated to partners.3. Liabilities were paid in full.4. Cash was paid to the partners with credit balances.Instructions(a) Prepare a schedule of cash payments.(b) Prepare the entries to record the transactions.(c) Post to the cash and capitalaccounts.

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APACHE COMPANY Balance Sheet April 30, 2010 Liabilities and Owners' Equity $20,000 30,000 2,500 28,000 13,650 5,850 $100,000 Assets Notes payable Accounts payable Wages payable Scottie, Capital Spock, Capital Kirk, Capital Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Equipment Accumulated depreciation-equipment Total $30,000 25,000 (2,000) 35,000 20,000 (8,000) $100,000 Total