the ABC partnership reports the following condensed balance sheet:

Cash $1,010,000 Liabilities $1,600,000 Noncash assets 2,550,000 Partner A, capital 900,000 Partner B, capital 900,000 Partner C, capital 160,000 Total assets $3,560,000 Total liabilities and partner capital $3,560,000 The partners wish to liquidate the partnership. The noncash assets are sold for $2,000,000 with the loss distributed to the partners in the ratio of 30%/30%/40% to partner A, B, and C, respectively. The liabilities are paid in full. Partners make any capital contribution that is necessary to offset a negative balance in their respective Capital Accounts.

Required: Prepare a schedule detailing the liquidation of the assets, repayment of the liabilities, and distribution of the remaining cash to the partners.