Problem 15-22 (Static) (LO 15-7) The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation expenses. All partners are currently solvent. The balance sheet reported by this partnership at the time that the liquidation commenced follows. The percentages indicate the allocation of profits and losses to each of the four partners. Liabilities Cash $ 28,250 $ 47,000 Accounts receivable Inventory 44,000 39,000 Larson, capital (20%) Norris, capital (30%) 15,000 60,000 Land and buildings Equipment 23,000 104,000 Spencer, capital (20%) Harrison, capital (30%) 75,000 41,250 Total assets $ 238,250 Total liabilities and capital $238,250 Based on the information provided, prepare a predistribution plan for liquidating this partnership. Complete this question by entering your answers in the tabs below. Loss Allocation Partner Balances Prepare the loss allocation table. Maximum Partner Capital Balance Loss Allocation Loss That Can Be Absorbed Schedule 1 Larson $ 15,000 2/5 $ 9,400 Norris $ 60,000 3/5 Spencer $ 75,000 Harrison $ 41,250 Schedule 2 Larson $ 1,600 Norris $ 2,400 Spencer $ 1,600 Harrison $ 2,400 Schedule 3 Larson $ 47,650 Norris $ 71,475 Spencer $ 47,650 Harrison $ 71,475 Loss Allocation Partner Balances >