The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 60,000 324,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 56,000 40,000 106,000 96,000 86,000 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 $20,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $98,000 are sold for $72,000. 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. Maximum Loss Partner Capital Balance Loss Allocation That Can Be Absorbed Step 1 Drysdale $ 106,000 50 % $ 13,000 Koufax $ 96,000 30 % $ 7,800 Marichal $ 86,000 20 % $ 5,200 Step 2 Koufax Marichal % % < Req A1 Req A2 >