The partners have decided to liquidate the business. Activities for October and

The partners have decided to liquidate the business. Activities for October and November are as follows:October1. Rob is short of funds and the partners agree to charge her loan to her capital account.2. $40000 is collected on the accounts receivable; $4000 is written off as uncollectible.3. Half the inventory is sold for $50000.4. Equipment with a book value of $55000 is sold for $60000.5. The $50000 bank note plus $600 accrued interest is paid in full.6. The accounts payable are paid.7. Liquidation expenses of $2000 are paid.8. Except for a $5000 contingency fund all available cash is distributed to partners at the end of October.November9. The remaining equipment is sold for $38000.10. Val accepts inventory with a book value of $20000 and a fair value of $10000 as payment for part of her capital balance. The rest of the inventory is written off.11. Accounts receivable of $10000 are collected. The remaining receivables are written off.12. Liquidation expenses of $800 are paid.13. Remaining cash including the contingency fund is distributed to the partners.REQUIREDPrepare a statement of partnership liquidation for the period October 1 through November30.