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The December 31, 2020 balance sheet of the Chan, Dickerson, and Gunther partnership, along with the partners' residual profit-and-loss-sharing ratios, is summarized as follows: Assets

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The December 31, 2020 balance sheet of the Chan, Dickerson, and Gunther partnership, along with the partners' residual profit-and-loss-sharing ratios, is summarized as follows: Assets Equities Cash 60,000 Account Payable 90,000 Receivables 120,000 Loan from Dickerson 50,000 Inventory 150,000 Chan Capital (20%) 95,000 Due from Chan 15,000 Dickerson Capital (30%) 160,000 Other Assets 255,000 Gunther Capital (50%) 205,000 600,000 600,000 The partners agree to liquidate their partnership as soon as possible after January 1, 2021, and to distribute all cash as it becomes available. 1) Determine the vulnerability rank for each partner. 2) Determine the schedule of assumed loss absorption. 3) Prepare the cash distribution plan to show how cash will be distributed as it becomes available

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