The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 37,000 209,000 Total assets $ 246,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) Total liabilities and capital $ 49,000 12,500 71,500 61,500 51,500 $ 246,000 Required: 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. a-2. 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 % % Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Liquidation expenses are estimated to be $16,000. Prepare a predistribution schedule to guide the distribution of cash. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash First Next Next All remaining cash Liabilities Liquidation expenses % % % % % % Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Assume that assets costing $75,000 are sold for $60,500. How is the available cash to be divided? Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution Cash distribution to partners: First Next Next Total Drysdale Koufax Marichal Total