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 $54,000 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 $ 50,000 80,000 70,000 210,000 200,000 $610,000 Liabilities Butler, loan Butler, capital (258) Osman, capital (258) Ward, capital (508) Total liabilities and capital $ 190,000 50,000 150,000 50,000 170,000 $610,000 Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Assumed loss of Schedule 1 Step one balances $ 0 $ 0 $ 0 Assumed loss of Schedule 2 Step two balances $ 0 $ 0 $ 0 < Prev 14 of 14 Next