28) David, Paul, and Burt are partners in a CPA firm sharing profits and losses in a ratio of 3:3:4, respectively. Immediately prior to liquidation, the following balance sheet was prepared: Assets Cash Noncash assets $ 100,000 580,000 Liabilities & Equities Liabilities David, Capital Paul, Capital Burt, Capital Total Liabilities & Equities $280,000 160,000 160,000 80,000 $680,000 Total Assets $680,000 All of the partners are personally insolvent. Required: Assume that all noncash assets are sold for $300,000 and all available cash is distributed in final liquidation of the partnership. Prepare a schedule of liquidation