On December 31, 2016, the balance sheet of CDO Partnership is as follows:

Cash                                                   15,360
Noncash Assets                          271,360
Accounts Payable                        51,200
Loan Payable to Dorie               20,480
Cherry, Capital                             49,152
Dorie, Capital                               73,728
Oscar, Capital                              92,160
Profit and losses were shared as follows; Cherry, 30%; Dorie, P30% and Oscar, 40%. It was decided to liquidate the business. T

Required: Prepare Statement of Liquidation using:

a. Lumpsum Liquidation
b. Installment Liquidation (Prepare Schedule of Safe Payments if needed)

a.) Lumpsum Liquidation

30%
Cash Non cash assets AP Loan Payable to Cherry, Capital
Beg Balance 15,360.00 271,360.00 51,200.00 20,480.00 49,152.00
Realization 168,960.00 -271,360.00 - 30,720.00
Total 184,320.00 0 51,200.00 20,480.00 18,432.00
Liquidation Expen- 12,500.00 - 3,750.00
Total 171,820.00 0 51,200.00 20,480.00 14,682.00
Payment to outsid -51,200.00 -51,200.00
Total 120,620.00 0 0 20,480.00 14,682.00
Loan Payable -20,480.00 -20,480.00
Total 100,140.00 0 0 0 14,682.00
Distribute to part -100,140.00 -14,682.00
Total 0 0 0 0 0

b.) Installment Liquidation

30%
Cash Non cash assets AP Loan Payable to Cherry, Capital
Beg Balance 15,360.00 271,360.00 51,200.00 20,480.00 49,152.00
1st- realization 81,920.00 -133,120.00 - 15,360.00
Total 97,280.00 138,240.00 51,200.00 20,480.00 33,792.00
Liquidation Expen- 4,100.00 - 1,230.00
Total 93,180.00 138,240.00 51,200.00 20,480.00 32,562.00
Payment to outsid -40,000.00 -40,000.00
Total 53,180.00 138,240.00 11,200.00 20,480.00 32,562.00
Distribution 33,354.00 68,181.43
Balance 86,534.00 138,240.00 11,200.00 20,480.00 100,743.43
2nd- realization 51,200.00 -76,800 - 7,680.00
Total 137,734.00 61,440.00 11,200.00 20,480.00 93,063.43
Liquidation Expen -4,800.00 - 1,440.00
Total 132,934.00 61,440.00 11,200.00 20,480.00 91,623.43
Payment to outsid -11,200 - 11,200.00
Total 121,734.00 61,440.00 0 20,480.00 91,623.43
Distribution - 119,734.00 - 49,466.00 - 72,591.43
Balance 2,000.00 61,440.00 0- 28,986.00 19,032.00
3rd- realization 35,840.00 -61,440.00 - 7,680.00
Total 37,840.00 0 0- 28,986.00 11,352.00
Liquidation Expen -3,600.00 - 1,080.00
Total 34,240.00 0 0- 28,986.00 10,272.00
Loan Payable - 28,986.00 28,986.00
Total 5,254.00 0 0 0 10,272.00
Distribution - 5,254.00 - 10,272.00
Balance 0 0 0 0 0
decided to liquidate the business. The following is a summary of the realization and liquidation Expense activities.  

30% 40%
Dorie, Capital Oscar, Capital
73,728.00 92,160.00
- 30,720.00 - 40,960.00 168,960.00-271,360.00 loss -102,400.00
43,008.00 51,200.00
- 3,750.00 - 5,000.00
39,258.00 46,200.00

39,258.00 46,200.00

39,258.00 46,200.00
-39,258.00 -46,200.00
0 0

30% 40%
Dorie, Capital Oscar, Capital
73,728.00 92,160.00
- 15,360.00 - 20,480.00 81,920.00-133,120.00 loss -51,200.00
58,368.00 71,680.00
- 1,230.00 - 1,640.00
57,138.00 70,040.00
 57,138.00 70,040.00
- 34,827.43
57,138.00 35,212.57
- 7,680.00 - 10,240.00 51,200-76,800 Loss -25,600.00
49,458.00 24,972.57
- 1,440.00 - 1,920.00
48,018.00 23,052.57

48,018.00 23,052.57
2,323.43
48,018.00 25,376.00
- 7,680.00 - 10,240.00 35,840-61,440 Loss -25,600.00
40,338.00 15,136.00
- 1,080.00 - 1,440.00
39,258.00 13,696.00

39,258.00 13,696.00
- 39,258.00 - 13,696.00
0 0
Expense activities.  

Schedule of safe payments- 1st

Cherry Dorie Oscar
Capital balance before distr 32,562.00 57,138.00 70,040.00
Loan payable 20,480.00 Cherry 30
Partner's interest 32,562.00 77,618.00 70,040.00 Oscar 40
Theoretical loss - 41,772.00 - 41,772.00 - 55,696.00 -139,240.00 70
total - 83,544.00 35,846.00 14,344.00
Absorption 15,362.57 - 35,846.00 20,483.43
Free interest - 68,181.43 0 34,827.43

Schedule of safe payments- 2nd

Cherry Dorie Oscar
Capital balance before distr 91,623.43 48,018.00 23,052.57
Loan payable 20,480.00
Partner's interest 91,623.43 68,498.00 23,052.57
Theoretical loss - 19,032.00 - 19,032.00 - 25,376.00 -63,440
Free interest 72,591.43 49,466.00 - 2,323.43
42.86%
57.14%