Prepare a Year 1 balance sheet. Assume Cascade is a partnership with two partners, Carl Cascade and Beth Cascade. Carl Cascade invested $48,000 and Beth Cascade invested $112,000 of the $160,000 cash that was used to start the business. Beth was expected to assume the vast majority of the responsibility for operating the business. The partnership agreement called for Beth to receive 70 percent of the profits and Carl to get the remaining 30 percent. With regard to the $11,500 distribution, Beth withdrew $3,450 from the business and Carl withdrew $8,050.