#16

16. The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Hardwick, loan.. . $210,000 40,000 300,000 200,000 30,000 Saunders, capital . . . . Total assets.. $940,000 Total liabilities and capital. . .$940,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $200,000. Prepare a proposed schedule of liquidation at this point in time