The following information is available:MUFFIN AND CO.BALANCE SHEETas at July 1, Year 4Cash $…

The following information is available:MUFFIN AND CO.BALANCE SHEETas at July 1, Year 4Cash $ 18,000Receivables 39,000Inventory 80,000Fixed assets, net 410,000$547,000Current liabilities $ 47,000Note payable to Muffin 40,000Muffin, capital 110,000Nemrod, capital 160,000Olerud, capital 190,000$547,000The partners share the profits, 50%, 30%, 20% to Muffin, Nemrod, Olerud. The partnershave decided to wind up their company, and as the accountant you must conductthe liquidation. The cash must be paid out as soon as it is received because of animosityamong the partners.You proceed to liquidate the assets and receive cash in the following manner:Dates Cash received Book value of assets*July 15, Year 4 $ 7,000 $ 9,000 Receivables31,000 40,000 InventoryJuly 25, Year 4 $11,000 $ 15,000 Receivables24,000 40,000 InventoryJuly 30, Year 4 $ 8,000 $ 15,000 Receivables86,000 100,000 Fixed assets* Sold to generate cash.You now have $310,000 of fixed assets remaining, at book value, to dispose of, butyou cannot determine what amount of cash these will generate.Required:Prepare a schedule of partnership liquidation that clearly shows how the cash would bepaid out (i.e., to whom and how much):(a) on July 15, Year 4.(b) on July 25, Year 4.(c) on July 30, Year 4.(