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The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ Cash Noncash assets 37,000 209,000 Liabilities Drysdale, loan Drysdale,

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The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ Cash Noncash assets 37,000 209,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 49,000 12,500 71,500 51.500 a. Liquidation expenses are estimated to be $16,000. Prepare a predistribution schedule to guide the distribution of cash. b. Assume that assets costing $75,000 are sold for $60,500. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req 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 Step 1 Drysdale Koufax Marichal Step 2 Koufax Marichal

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