Please Show All Work. Alto, Blau, and Chan (ABC Partnership) decide to liquidate...
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Please Show All Work.
Alto, Blau, and Chan (ABC Partnership) decide to liquidate their partnership on September 1, 2021. The company's trial balance on that day shows the following: ABC PARTNERSHIP Trial Balance September 1, 2021 $ 10,000 90,000 Cash Noncash Assets Liabilities Alto, Capital (40%) Blau, Capital (40%) Chan, Capital (20%) Total $ 42,000 34,000 10,000 14,000 $100,000 $100,000 Blau is personally insolvent. Alto and Chan are personally solvent. Partnership is liquidated in installments over a three month period. Noncash assets are sold as follows: September 15, noncash assets with book value of $55,000 sold for $45,000, Loss allocated among partners. Creditors are paid on September 28. On October 15, noncash assets with book value $30,000 sold for 15,000, loss allocated among partners. On November 15, noncash assets with book value $5,000 sold for $5,000. During the liquidation process partners decided to keep $10,000 to meet contingencies. Any cash available are to be distributed on end of the month. Required: Prepare Statement of Partnership Realization and Liquidation- Installment Liquidation September, October, and November. Preparer Schedule of Safe Payments to Partners for September and October
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