Problem 15-20 (Algo) (LO 15-6) The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $10,000. Cash Noncash assets $ 120,000 260,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total assets $ 380,000 Total liabilities and capital $ 60,000 125,000 62,500 132,500 $ 380,000 Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. (Amounts to be deducted should be entered with a minus sign.) Beginning balances Pay liabilities Max. liquidation expenses Max. loss-noncash assets Initial safe payments ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Cash Assets Liabilities Arch, Capital Bibb, Capital 40% 20% Dao, Capital 40%