The Drysdale, Koufax, and Marichal partnership has the following balance sheet Immediately prior to liquidation: $ Cash Noncash assets 5e,eee 274, eee Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 41,000 40, see 91,eee 81, see 71,00 8-1. Determine the maximum loss that can be absorbed In Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed In Step 2 a-2. Liquidation expenses are estimated to be $29,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $88,000 are sold for $67,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Reg A1 Reg AZ Reg B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step 2. Partner Capital Balance Loss Allocation Maximum Loss That Can Be Absorbed 96 Step 1 Drysdale Koufax Marichal 50 81,000 30 71,000 20 96 $ % Step 2 Koufax 96 60 40 Marichal %6 Complete this question by entering your answers in the tabs below. Reg A1 Req AZ ReqB Liquidation expenses are estimated to be $29,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. DRY SDALE, KOUFAX, AND MARICHAL Distribution of Available Cash Liabilities Liquidation expenses First Next % Next 96 96 All remaining cash 96 96 96 Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg B Assume that assets costing $88,000 are sold for $67,000. How is the available cash to be divided? S 50,000 Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution 67,000 $ 117.000 (41,000) (29,000) $ 47,000 Cash distribution to partners: Drysdale First $ 0 Koufax Marichal Total S Next 0 Next Total S S 0 S 0 S 0