Assessment 4: Partnerships Exercise 2 Worksheet: Partnership Liquidation Schedule Edmonds, Beatty, and Elder decided to dissolve their partnership and liquidate the business. The following balance sheet was created at that time showing current account balances S 96.000 Liabilities Cash 70,000 S 354,000 Capital Edmonds (60%) 202,000 Noncash assets Building and equipment (net) S 200,000 Capital Beatty (20%) 56,000 (20%) Capita Elder 122,000 450,000 Total Liabilites and Capital 450,000 Total assets The transactions listed below occurred during liquidation: Safe capital balances were distributed immediately to the partners. $18,000 in liquidation expenses were estimated as a basis for the computation. Noncash assets, with a $160,000 book value, were sold for $96,000. All liabilities were paid. Safe capital balances were once again distributed $88,000 in remaining noncash assets were sold $14,000 in liquidation expenses were paid Cash remaining was distributed to the partners Business financial records were closed permanently. Allocate income and prepare a partnership liquidation schedule, using a predistribution plan. Use the spaces below to enter your calculations