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 $ 58,000 314,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (208) $ 55,500 37,500 103,000 93,000 83,000 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 $18,000. Prepare a predistribution schedule to guide the distribution of cash. Furthe modify the tags in explanation as well. b. Assume that assets costing $96,000 are sold for $71,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Red B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the Complete this question by entering your answers in the tabs below. k Req A1 Reg A2 Reg B aces 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 Loss Maximum Loss Capital Balance That Can Be Allocation Absorbed Step 1 Drysdale % Koufax % Marichal % Step 2 Koufax % Marichal % GRA Reg A2 > - Naut