Problem 15-23 (Algo) (LO 15-7) The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 61,000 Liabilities $ 55,000 Noncash assets 329,000 Drysdale, loan 42,500 Drysdale, capital (50%) 107,500 Koufax, capital (30%) 97,500 Marichal, capital (20%) 87,500 Total assets $ 390,000 Total liabilities and capital $ 390,000 Required: 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 $21,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided?

The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Requlred: 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 $21,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing $99,000 are sold for $72,500. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Liquidation expenses are estimated to be $21,000. Prepare a predistribution schedule to guide the distribution of cash