question: prepare liquidation schedule and determine how the available assests will be distributed using a schedule of safe payments

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The Newman, Rowan, and Drew Partnership has been facing severe financial distress. The partnership has been facing a downturn in profits for the last three consecutive years. Accordingly, the partners determined they must terminate their business. They agreed to liquidate it and anticipated that liquidation expenses will total $1,000. Prior to the liquidation, the partnership balance sheet reflects the following book values: Cash Noncash assets Note receivable- Newman Other liabilities $18,000 51,000 3,000 20,000 6,000 30,000 16,000 Capital, Newman Capital, Rowan Capital, Drew Profits and losses are shared 45% to Nice, 35% to Rice, and 20% to Dice. A review of the individual partner's personal net worth reveals! the following: Newman Assets 165,000 200,000 185,000 Liabilities 162,000 110,000 90,000 Rowan Drew The following transactions occur Assets having a book value of $40,000 were sold at $18,000 loss. b. Liabilities are paid, where possible C. Partners contribute from their personal net worth, according to UPA requirements and Marshaling of Assets concepts