answer in text form please (without image). The YIA Partnership decided to liquidate as of December 31, 2021. Its balance sheet as of this dateas follows:2.CashAccount Receivable (Net)InventoryProperty, Plant, and Equipment (Net)PatentTotal AssetsPersonal AssetsPersonal LiabilitiesPersonal net worthAssetsJanuaryFebruary"YIA" PartnershipBalance SheetDecember 31, 2021MarchAdditional Information:1. The personal assets (excluding partnership loan and capital interests) and personal liabilities ofeach partner as of December 31, 2022, follow:YanaLiabilities and Capital$450,000850,000650,000 Yana, Capital1,750,000 Ira, Capital300,000 Aline, Capital4,000,000 Total Liabs and CapitalAccount Payable$ 555,000(400,000)$ 155,000Ira725,000(550,000)$ 175,0003. The YIA Partnership was liquidated during the months of January, February, and March, 2022.Cash is distributed to the partners at the end of each month. A summary of the liquidationtransactions follows:MonthDescriptionElimination of PatentCollected A/R $600,000 and the balance is uncollectible.Received $400,000 for the entire inventory$ 650,0001,750,0001,100,000500,0004,000,000purposes.Retained $10,000 cash in the business at the end of the month.Aline4. Yana, Ira, and Aline share profits and losses in the ratio 40:40:20, respectively.$350,000(500,000)$(150,000)Paid $10,000 liquidation expensePaid $650,000 to creditorsRetained $15,000 cash in the business at the end of the month.Paid $15,000 in liquidation expenses.As part payment of his capital, Ira accepted an item of special equipmentthat he developed, which had a book value of $450,000. Partners agreedthat a fair value of $600,000 should be placed on this item for liquidationReceived $1,200,000 on sale of remaining Property, Plant, and EquipmentPaid $5,000 liquidation expenses, retaining no cash in the business.Required:Prepare a Statement of partnership realization and liquidation for the YIA Partnership for the three-month period. Support each cash distribution to the partners with a schedule of safe payment topartners.

Partnership realization and liquidation refer to the process of winding up and terminating a…

Required: Prepare a Statement of partnership realization and liquidation for the YIA Partnership for the three- month period. Support each cash distribution to the partners with a schedule of safe payment to partners.

Required: Prepare a Statement of partnership realization and liquidation for the YIA Partnership for the three- month period. Support each cash distribution to the partners with a schedule of safe payment to partners.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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