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

Cash $ $61,000$ Liabilities $ $55,000$

Noncash assets $329,000$ Drysdale, loan $42,500$

Drysdale, capital $(50\%)107,500$

Koufax, capital $(30\%)97,500$

Marichal, capital $(20\%)87,500$

Total assets $ $390,000$ Total liabilities and capital $ $390,000$

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 $$21,000.$ Prepare a predistribution schedule to guide the distribution of cash.

b$.$ Assume that assets costing $$99,000$ are sold for $$72,500.$ How is the available cash to be divided?