The partners in Tallis Company decide to liquidate the firm when the balance sheet shows the following.

The partners share income and loss 5 : 3 : 2. During the process of liquidation, the transactions below were completed in the following sequence.1. A total of $57,000 was received from converting non-cash assets into cash.2. Gain or loss on relization was allocated to partners.3. Liabilities were paid in full.4. Cash was paid to the partners with credit balances.Instructions(a) Prepare a schedule of cash payments.(b) Prepare the entries to record the transactions.(c) Post to the cash and capitalaccounts.

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TALLIS COMPANY Balance Sheet April 30, 2012 Assets Liabilities and Owners' Equity Notes payable Accounts payable Salaries and wages payable Laszlo, capital Alaya, capital Octavian, capital Total $30,000 25,000 (2.000) 35,000 20,000 (8,000) $20,000 30,000 2.500 28.000 13.650 5.850 Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Total $100.000 $100,000