234 5 34. The ABC Partnership reports the following balance sheet 7 8 9 10 Cash $ Noncash assets 250,000 1,200,000 Total assets $ 1,450,000 Liabilities $ 600,000 Partner A, Capital 300,000 Partner B, Capital 450,000 Partner C, Capital 100,000 Total liabilities and capital $ 1,450,000 11 The partners wish to liquidate the partnership. The noncash assets are sold for $800,000 with the loss distributed to the partners in the ratio of 30:20:50 to partner A, B, and C, respectively. The liabilities are paid in full. Assume that any partners with a negative balance in their respective Capital Accounts are insolvent and, therefore, do not make any capital contribution to the partnership (i.e., remaining partners must absorb the negative Capital Account according to their profit-sharing formula). Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners.