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 $13,000. Cash Noncash assets $ 140,000 240,000 Liabilities Arch, capital (403) Bibb, capital (20%) Dao, capital (403) Total liabilities and capital $ 50,000 120,000 60,000 150,000 $ 380,000 Total assets $ 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.) ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Cash Arch, Capital Bibb, Capital Assets Liabilities 40% 20% Dao, Capital 40% Beginning balances Pay liabilities Max. liquidation expenses Max. loss - noncash assets Initial safe payments $ 0 $ 0 $ 0 $ 0 $ 0 $ 0