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Problem 15-29 (Static) (LO 15-6) On January 1, the partners of Van, Bakel, and Cox (who share profits and losses in the ratio of 5:3:2, respectively) decide to terminate operations and liquidate their partnership. The trial balance at this date follows: The partners plan a program of piecemeal conversion of the partnership's 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: JanuaryFebruaryMarchRetainednocashinthebusiness.Collected$51,000oftheaccountsreceivable;thebalanceisdeemeduncollectible.Received$48,000fortheentireinventory.Paid$4,000inliquidationexpenses.memorandumreceivedbythepartnershiponJanuary11.Retained$20,000cashinthebusinessattheendofJanuarytocoverliquidationexpenses.Theremainderisdistributedtothepartners.Paid$5,000inliquidationexpenses.Retained$8,000cashinthebusinessattheendofthemonthtocoveradditionalliquidationexpenses.Received$156,000onthesaleofallmachineryandequipment.Paid$7,000infinalliquidationexpenses. Prepare proposed schedules of liquidation on January 31 , February 28 , and March 31 to determine the safe payments made to the partners at the end of each of these three months. Prepare proposed schedules of liquidation on January 31, February 28 , and March 31 to determine the safe payments made to the partners at the end of each of these three months. Complete this question by entering your answers in the tabs below. Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end of January. deducted should be entered with a minus sign.) Retained no cash in the business. Prepare proposed schedules of liquidation on January 31 , February 28 , and March 31 to determine the safe payments made to the partners at the end of each of these three months. Complete this question by entering your answers in the tabs below. be entered with a minus sign.) Prepare proposed schedules of liquidation on January 31 , February 28 , and March 31 to determine the safe payments made to the partners at the end of each of these three months. Complete this question by entering your answers in the tabs below. Prepare proposed schedule of liquidation to determine the safe payments made to the partners at the end should be entered with a minus sign.)