PROBLEM 1 The ABC Partnership decided to terminate its affairs as of December 31, 2018. The following frmation is taken from the balance sheet that was prepared as of the date of termination: Cash $ 100,000 240,000 180,000 580,000 $ 80000 580,000 380,000 Liabilities Receivables (net) A, Capital (30%) B, Capital (2096) t C. Capital (50%) Total Liabilities Inventories Fixed Assets (net) 30,000 Capital 1100.000 Total Assets Partners A, B, and C share profits and losses 30:20:50, respectively. Assume that half the noncash assets were sold for $550,000 and that half the liabilities were paid at the first stage of liquidation. $1100,000 Prepare a safe payment schedule showing cash distribution at this point. Ca asse ue 40,000> 34000