Adams, Peters, and Blake share profits and losses for their APB Partnership in a ratio of2:3:5. When they decide to liquidate, the balance sheet is as follows: Liquidation expenses are expected to be negligible. No interest accrues on loans with partners after termination of the business. During the liquidation process for the APB Partnership, the following events occurred: 1. During the first month of liquidation, noncash assets with a book value of$88,500were sold for$67,100, and$21,500of the liabilities were paid. 2. During the second month, the remaining noncash assets were sold for$80,400. The loan receivable from Adams was collected, and the rest of the creditors were paid. 3. Cash is distributed to partners at the end of each month. Required: Prepare a statement of partnership realization and liquidation with a schedule of safe payments to partners for the liquidation period. Please follow the practical guidelines when completing this worksheet. \begin{tabular}{|l|c|c|c|} \hline \multicolumn{3}{|c|}{ APB PARTNERSHIP } \\ \hline \multicolumn{2}{|c|}{ Schedule of Safe Payments to Partners } \\ \hline Capital balances, end of first month & Adams & Peters & Blake \\ \hline Potential Loss on assets & &30%&50%\\ \hline & & & \\ \hline Safe payment to partners & & & \\ \hline \end{tabular}
