Problem 15-23 (Algo) (LO 15-7) The Drysdale, Koufax, and Marichal partnership has the following balance sheet Immediately prior to liquidation: Cash Noncash assets $ 38,000 214,000 Liabilities Drysdale, loan $ 48,000 15,000 Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 73,000 63,000 53,000 a-1. Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. a-2. Liquidation expenses are estimated to be $17,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $76,000 are sold for $61,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. Partner Capital Balance Loss Allocation Maximum Loss That Can Be Step 1 Drysdale Koufax Marichal Step 2 96 % % Koufax % Marichal 96 Absorbed < Req A1 Req A2 >