December 31, 2016, the balance sheet of the Deng, Danielson, and Gibson partnership, along with the partners residual profit and loss sharing ratios, is summarized as follows: Assets Liabilities & EquitiesCash $ 150,000 Accounts Payable $ 225,000Receivables 300,000 Loan from Danielson 50,000Inventories 375,000, Deng, Capital (20%) 250,000Other Assets 475,000 Danielson, Capital (30%) 400,000Gibson, Capital (50%) 375,000Total Assets $1,300,000 Total Lia & Equities $1,300,000The partners agree to liquidate their partnership as soon as possible after January 1, 2017, and to distribute all cash as it becomes available.Required:Prepare an advance cash distribution plan to show how cash will be distributed as it becomes available.