You can change the liquid density or drag the object up/down to find out how the pressure(due to liquid) on the object are changed at different places around the object(Black Arrows).
The net force due to the pressure provide the buoyancy force.
The velocity vector is shown in red and acceleration is shown in blue.
In this model, we assume there is a drag force Fr=-b*vy when object is moving down.
And the drag force is neglectable when moving up (may be this is not a good assumption).