Hardin, Sutton, and Williams have operated a local business as a partnership for several years. All profits and losses have been allocated in a 3:2:1 ratio, respectively. Recently, Williams has undergone personal financial problems, and is insolvent. To satisfy Williams' creditors, the partnership has decided to liquidate. The following balance sheet has been produced: assets CASH 10,000.00 LOAN RECEIVABLE Hardin 20,000.00 NON CAS ASSETS 227,000.00 TOTAL ASETS $257,000.00 LIABILITIES AND CAPITAL Liabilities 80,000.00 Loan payable Sutton n 15,000.00 Hardin, capital 116,000.00 Sutton, capital 30,000.00 Williams, capital 16,000.00 TOTAL LIABILITIES AND CAPITAL $257,000.00 During the liquidation process, the following transactions take place: - Noncash assets are sold for $116,000. - Liquidation expenses of $12,000 are paid. No further expenses are expected. - Safe capital distributions are made to the partners. - Payment is made of all business liabilities. - Any deficit capital account balances are deemed to be uncollectible Required 1. Develop a predistribution plan for this partnership, assuming $12,000 of liquidation expenses are expected to be paid 2. Compute safe cash payments after the noncash assets have been sold and the liquidation expenses have been paid