2. The partnership of Dewey, Cheatem, and Howe has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time show the following account balances: Cash.. st $48,000 Liabilities. $ 35,000 Dewey, capital (60%) . 101,000 Cheatem, capital (20o28,000 Howe, capital (20%) 61.000 Total liabilities & capital $225,000 The following transactions occur in liquidating this business: . Distribute safe capital balances immediately to the partners. Liquidation expenses of $9,000 ave estimated as a basis for this computation. . Sold noncash assets with a book value of $80,000 for $48,000. . Paid all liabilities. . Distributed safe capital balances again. . Sold remaining noncash assets for $44,000. . Paid liquidation expenses of $7,000. . Distributed remaining cash to the partners and closed the financial records of the business permanenty Prepare a predistribution plan and a final statement of liquidation for this partnership. 2. (30)(Dewey, Cheatem&Howe Partnership) Predistribution plan schedules Dewey, Cheatem & Howe Predistribution Plar Available Cash Recipient Dewey, Cheatem & Howe Schedule of dat Final Balances Dewey. Cheatem, Howe, Capital Capital Capital 20%) Noncash Cash Assets | Liabilities | (60%) (20%)