The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation:

Cash	$	48,000	Liabilities	$	43,000
Noncash assets		264,000	Drysdale, loan		35,000
			Drysdale, capital (50%)		88,000
			Koufax, capital (30%)		78,000
			Marichal, capital (20%)		68,000

1. a-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.
2. a-2. Liquidation expenses are estimated to be $27,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well.
3. b. Assume that assets costing $86,000 are sold for $66,000. How is the available cash to be divided?