Problem 15-24 (LO 15-5) A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total 519,000. The business's balance sheet prior to the commencement of liquidation is as follows S 40,000 18,000 40,000 48,000 135,000 Cash Noncash assets $ 27,000 254,000 Lisbilities Simpson, capital (20%) Hart, capital (40%) Bobb, capital (20%) Reidl, capital (20%) Total assets 281,000 Total liabilities and capital $281,000 Prepare a predistribution plan for this partnership. Partner Capital Balance Loss Allocation Loss That Can Schedule 1 Simpson Hart Bobb Reidl Schedule 2 8,000 56,000 87,000 Hart Bobb Reidl Schedule 3 Bobb Reidl Simpson Hart Bobb Reidl Reported balances Assumed loss Schedule 1 Adjusted balances Assumed loss Schedule 2 Adjusted balances Assumed loss Schedule 3 Adjusted balances