! Required information [The following information applies to the questions displayed below.) The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $58,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 54,000 84,000 Liabilities Butler, loan 74,000 Butler, capital (25%) $194,000 54,000 170,000 230,000 220,000 Osman, capital (25%) Ward, capital (50%) $ 662,000 Total liabilities and capital 54,000 190,000 $ 662,000 Prepare a predistribution plan for this partnership. Beginning balances Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Osman, Butler, Loan and Capital Capital Ward, Capital