The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 52,000 284,000 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (304) Marichal, capital (20%) $59,000 25,000 94,000 84,000 74,000 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 $12,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $90,000 are sold for $68,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Req A1 Reg A2 Req B Determine the maximum loss that can be absorbed in Step 1. Then, assuming that this loss has been incurred, determine umum die Req A1 Req A2 Req B s Determine the maximum loss that can be absorbed in Step 1. 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 FADAL DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash Liabilities First Liquidation expenses % Next % Next % % All remaining cash % % Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal $ 52,000 68,000 $120,000 59,000 12,000 $ 49,000 Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution Cash distribution to partners: Drysdale First Koufax Marichal Total Next Next $ 0 $ 0 Total $ 0 $ 0