Jones, Smith, and Tandy are partners in a furniture store that began liquidation on January 1, 2011, when the ledger contained the following account balances:

The following transactions and events occurred during the liquidation process:January Inventories were sold for $20,000 cash, collections on account totaled $14,000, and half of the amount due to creditors was paid.February Land costing $40,000 was sold for $60,000, the remaining land and buildings were sold for $40,000, half of the remaining receivables were collected, and the remainder were uncollectible.March The remaining liabilities were paid, and available cash was distributed to the partners in final liquidation.REQUIREDPrepare a statement of liquidation for the Jones, Smith, and Tandypartnership.

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Debit Credit $ 15,000 Cash Accounts receivable 20.000 Inventories 65.000 Land 50,000 Buildings Accumulated depreciation-buildings 100,000 $ 40,000 50,000 Furniture and fixtures 30,000 Accumulated depreciation-furniture and fixtures Accounts payable Jones capital (20%) Smith capital (30%) Tandy capital (50%) 80,000 40,000 60,000 50,000 $300,000 $300,000