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 $ 37,000 209,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (308) Marichal, capital (200) $ 49,000 12,500 71,500 61,500 51,500 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 $16,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $75,000 are sold for $60,500. How is the available cash to be divided? Req A1 Req A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then next maximum loss that can be absorbed in Step 2. Partner Capital Balance Loss Allocation Maximum Loss That Can Be Absorbed Step 1 Drysdale Koufax % % % Marichal Step 2 Koufax % Marichal % Req A1 keq A2 Req B Liquidation expenses are estimated to be $16,000. Prepare a predistribu Further, modify the tags in explanation as well. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash Liabilities First Liquidation expenses Next % Next % % All remaining cash % % %