14 2.95 points Skipped Required information [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $52,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash eBook Print Accounts receivable Office equipment (net) Building (net) Land Total assets $ 48,000 78,000 68,000 200,000 190,000 $ 584,000 References Prepare a predistribution plan for this partnership. Butler, Loan and Capital Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital Osman, Ward, Capital Capital Beginning balances Assumed loss of Schedule 1 Step one balances $ 0 $ 0 $ 0 Assumed loss of Schedule 2 Step two balances $ 0 $ 0 $ 0 $ 188,000 48,000 140,000 48,000 160,000 $ 584,000