ework Saved Help Save & Exit Submit Check my work 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: Credit Debit $ 19,000 68,000 54,000 191,000 32,000 Cash Accounts receivable Inventory Machinery and equipment, net Van, loan Accounts payable Bakel, loan Van, capital Bakel, capital Cox, capital Totals $ 57,000 22,000 119,000 91,000 75,000 $ 364,000 $ 364,000 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: January Collected $52,000 of the accounts receivable; the balance is deemed uncollectible. Received $39,000 for the entire inventory. Paid $3,000 in liquidation expenses. Paid $53,000 to the outside creditors after offsetting a $4,000 credit memorandum received by the partnership on January 11. Retained $11,000 cash in the business at the end of January to cover liquidation expenses. The remainder is distributed to the partners. HE 6 of 6 Next