Saved The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: $ Cash Other assets Hardwick, loan 89,000 820,000 55,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris capital Total liabilities and capital $ 60,000 54,000 340,000 260,000 250,000 $ 964,000 Total assets $ 964,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) s Beginning balances Sold assets Assumed loss on remaining assets Paid liabilities Safe balances HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick Cash Other Accounts Loan and Saunders, Ferris, Loan Assets Payable Capital Capital & Capital 85,000 S 820 000 60.000 S 285,000 $ 260,000 $ 304,000 115,000 (328,000) (131,200) (98,400) (98.400) 0 (492,000) (196,800) (147,600) (147600) (60,000) (60.000) $ 140,000 $ 0 $ 0 S (43,000) S 14 000 $ 58.000 Saved The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: $ Cash Other assets Hardwick, loan 89,000 820,000 55,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris capital Total liabilities and capital $ 60,000 54,000 340,000 260,000 250,000 $ 964,000 Total assets $ 964,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) s Beginning balances Sold assets Assumed loss on remaining assets Paid liabilities Safe balances HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick Cash Other Accounts Loan and Saunders, Ferris, Loan Assets Payable Capital Capital & Capital 85,000 S 820 000 60.000 S 285,000 $ 260,000 $ 304,000 115,000 (328,000) (131,200) (98,400) (98.400) 0 (492,000) (196,800) (147,600) (147600) (60,000) (60.000) $ 140,000 $ 0 $ 0 S (43,000) S 14 000 $ 58.000