Account balances for the Rob, Tom, and Val partnership on October 1, 2011, are as follows:

The partners have decided to liquidate the business. Activities for October and November are as follows:October1. Rob is short of funds, and the partners agree to charge her loan to her capital account.2. $40,000 is collected on the accounts receivable; $4,000 is written off as uncollectible.3. Half the inventory is sold for $50,000.4. Equipment with a book value of $55,000 is sold for $60,000.5. The $50,000 bank note plus $600 accrued interest is paid in full.6. The accounts payable are paid.7. Liquidation expenses of $2,000 are paid.8. Except for a $5,000 contingency fund, all available cash is distributed to partners at the end of October.November9. The remaining equipment is sold for $38,000.10. Val accepts inventory with a book value of $20,000 and a fair value of $10,000 as payment for part of her capital balance. The rest of the inventory is written off.11. Accounts receivable of $10,000 are collected. The remaining receivables are written off.12. Liquidation expenses of $800 are paid.13. Remaining cash, including the contingency fund, is distributed to the partners.REQUIREDPrepare a statement of partnership liquidation for the period October 1 through November30.

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Cash Accounts receivable Inventory Equipment Rob loan $ 21,000 63,000 120,000 150,000 15,000 $369,000 Accounts payable Note payable Rob capital (30%) Tom capital (50% ) Val capital (20%) $ 80,000 50,000 43.600 150,000 $369.000