The partners share profits and losses 20 percent 30 percent and 50 percent to El

The partners share profits and losses 20 percent 30 percent and 50 percent to Eli Joe and Ned respectively after Ned is allowed a monthly salary of $4000.August transactions and events are as follows:1. The accounts payable are paid.2. Accounts receivable of $8000 are collected in full. Ned accepts accounts receivable with a face value and fair value of $3000 in partial satisfaction of his capital balance. The remaining accounts receivable are written off as uncollectible.3. Furniture with a book value of $25000 is sold for $15000.4. Furniture with a book value of $4000 and an agreed-upon fair value of $1000 is taken by Joe in partial settlement of his capital balance. The remaining furniture and fixtures are donated to Goodwill Industries.5. Liquidation expenses of $3000 are paid.6. Available cash is distributed to partners on August 31.REQUIRED Prepare a statement of partnership liquidation for the Eli Joe and Ned partnership forAugust.