The following transactions and events occurred during the liquidation process:Ja

The following transactions and events occurred during the liquidation process:January Inventories were sold for $20000 cash collections on account totaled $14000 and half of the amount due to creditors was paid. February Land costing $40000 was sold for $60000 the remaining land and buildings were sold for $40000 half of the remaining receivables were collected and the remainder were uncollectible.March The remaining liabilities were paid and available cash was distributed to the partners in final liquidation.REQUIREDPrepare a statement of liquidation for the Jones Smith and Tandypartnership.