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7 The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 53, eee 289, eee pints Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 58,888 27,5ee 95, see 85,5ee 75,500 eBook Print 4-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2 4-2. Liquidation expenses are estimated to be $13.000. Prepare a predistribution schedule to guide the distribution of cash. Further. modify the tags in explanation as well. b. Assume that assets costing $91.000 are sold for $68,500. How is the available cash to be divided? References Complete this question by entering your answers in the tabs below. Reg A1 Req A2 ReqB Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. Maximum Loss Partner Capital Balance Loss Allocation That Can Be Absorbed Step 1 Drysdale 96 Koufax 96 Maricha 96 Step 2 Koufax 96 Marichal 96 Reg A1 Reg A2 Reg B Liquidation expenses are estimated to be $13,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. DRY SDALE, KOUFAX, AND MARICHAL Distribution of Available Cash First Liabilities Liquidation expenses Next Next 96 All remaining cash 96 96 96 Reg A1 Reg A2 Reg B Assume that assets costing $91,000 are sold for $68,500. How is the available cash to be divided? Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution Cash distribution to partners: Drysdale Koufax Marichal Total First Next Next Total