Problem 15-16 (Algo) (LO 15-6) The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Total assets Accounts payable Zahiri, loan $ 98,000 840,000 49,000 Gulian, capital Singh, capital Zahiri, capital $ 987,000 Total liabilities and capital $ 78,000 59,000 360,000 250,000 240,000 $ 987,000 Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $116,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Answer is complete but not entirely correct. GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Gulian, Zahiri, Cash Other Assets Accounts Payable Loan and Capital Singh, Capital Loan & Capital $ 98,000 ( $840,000 $ 78,000 $ 311,000 $ 250,000 $ 299,000 116,000 0 $214,000 $840,000 $ 78,000 $ 311,000 $ 250,000 $ 299,000 0 0 0 0 0 0 0 0 0 0 0 $ 214,000 $840,000 $ 78,000 $ 311,000 $ 250,000 $ 299,000