Req Al Req A2 Req B Liquidation expenses are estimated to be $13,000. Prepare a predistribution schedule to guide the distribution of cash. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash First Liabilities Liquidation expenses Next % Next % All remaining cash % % % Req Al Req A2 Req B Assume that assets costing $91,000 are sold for $68,500. How is the available cash to be divided? Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution Cash distribution to partners: Drysdale Koufax Marichal Total First Next Next Total The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash $ 53, 000 Liabilities $ 58, 000 Noncash assets 289, 000 Drysdale, loan 27,500 Drysdale, capital (50%) 95 , 500 Koufax, capital (30%) 85, 500 Marichal, capital (20%) 75 , 500 Total assets $ 342, 000 Total liabilities and capital $ 342, 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 $13,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing $91,000 are sold for $68,500. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B 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 Maximum Loss Partner Capital Balance Loss That Can Be Allocation Absorbed Step 1 Drysdale $ 95,500 50 % $ 191,000 Koufax 35,500 30 EA 285,000 Marichal $ 75,500 20 % $ 377,500 Step 2 Koufax $ 28,200 60 $ 1,700 Marichal $ 37,300 40 % $ 93,250 Req A1 Req A2 >