Problem - On January 1, 20X1, partners Art, Bru, and Chou, who share profits and losses in the ratio of 6:2:2, respectively, decide to liquidate their partnership. The partnership trial balance at this date follows:

Debit Credit   Cash $ 20,200        Accounts Receivable   71,500        Inventory   57,500        Machinery and Equipment (net)   194,500        Accounts Payable     $ 55,200    Art, Capital       93,500    Bru, Capital       115,500    Chou, Capital       79,500

Total $ 343,700  $ 343,700  

The partners plan a program of piecemeal conversion of assets to minimize liquidation losses. All available cash, less an amount retained to provide for future expenses, is to be distributed to the partners at the end of each month. A summary of the liquidation transactions follows:

January 20X1 1.  Collected $55,400 on accounts receivable; the balance is uncollectible. 2.  Received $41,300 for the entire inventory. 3.  Paid $3,100 liquidation expenses. 4.  Paid $51,500 to creditors, after offset of a $3,700 credit memorandum received on January 11, 20X1. 5.  Retained $12,200 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.

February 20X1 6.  Paid $5,100 liquidation expenses. 7.  Retained $7,100 cash in the business at the end of the month for potential unrecorded liabilities and anticipated expenses.

March 20X1 8.  Received $150,600 on sale of all items of machinery and equipment. 9.  Paid $6,100 liquidation expenses. 10.  Retained no cash in the business.

Required: Compose a statement of partnership liquidation for the partnership with schedules of safe payments to partners (schedules of safe payments have been presented offline).(Round your answers to nearest whole dollar.)