The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: $ Cash Noncash assets 48,000 264,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) $ 43,000 35,000 88,000 78,000 68,000 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 $27,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $86,000 are sold for $66,000. How is the available cash to be divided? b. Assume that assets costing $86,000 are sold for $66,000. How is the available cash to be divided? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Liquidation expenses are estimated to be $27,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. First DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash $ 70,000 Liabilities $ 43,000 Liquidation 27,000 expenses 16,000 Marichal 100 % 7,000 Koufax 60 % Marichal 40 % Next >> Next All remaining cash OOOOO 219,000 X Drysdale 50 % Koufax 30 % SO Marichal 20%