The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 59,000 319,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 54,500 40,000 104,500 94,500 84,500 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 $19,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $97,000 are sold for $71,500. How is the available cash to be divided? Complete this question by entering your answers in the tabs b Req A1 Req A2 Req B Liquidation expenses are estimated to be $19,000. Prepare a predistrib Further, modify the tags in explanation as well. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash First Next Next All remaining cash Liabilities Liquidation expenses $ 54,500 19,000 % 200 % % % % di di di do Complete this question by entering your answers in the tabs Req A1 Req A2 Req B Assume that assets costing $97,000 are sold for $71,500. How is th Cash available for distribution: Beginning cash balance $ 59,000 Sale of noncash assets 71,500 Subtotal $ 130,500 Payment of liabilities 54,500 Payment of estimated liquidation expenses 19,000 Cash available for distribution $ 57,000 Cash distribution to partners: Drysdale Koufax Marichal Total First Next Next Total EA $ 0 $ 0 $ 0 $ 0