The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 44,000 244,000 Liabilities Drysdale, loan Drysdale, capital (501) Koufax, capital (301) Marichal, capital (201) $ 44,500 27,500 82,000 72,000 62.000 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 $23,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $82,000 are sold for $64,000. How is the available cash to be divided? Complete this question by entering your answers in the tabs below. Reg A1 Reg A2 Reg 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 LOSS Partner Capital Balance Allocation Maximum Loss That Can Be Absorbed % $ 11.500 Step 1 Drysdale Koufax Marichal $ $ $ 82,000 72,000 62.000 9 % Complete this question by entering your answers in the tabs below. Req A1 Reg A2 ReqB 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. Partner Capital Balance Loss Allocation Maximum Loss That Can Be Absorbed 11,500 Step 1 Drysdale Koufax Marichal Step 2 Koufax $ $ $ 82,000 72,000 62,000 % 5 % % $ 11,500 % % Marichal RA Req A2 > Complete this question by entering your answers in the tabs below. Reg A1 Rega Reg B Liquidation expenses are estimated to be $23,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. DRYSDALE, KOUFAX, AND MARICHAL Distribution of Available Cash Llabilities Liquidation expenses First % Next Next % % All remaining cash % % % modify the tags in explanation as well. b. Assume that assets costing $82,000 are sold for $64,000. 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 Assume that assets costing $82,000 are sold for $64,000. How is the available cash to be divided? Cash available for distribution: Beginning cash balance Sale of noncash assets Subtotal Payment of liabilities Payment of estimated liquidation expenses Cash available for distribution $ 0 $ 0 Koufax Marichal Total Cash distribution to partners: Drysdale First Next Next Total $ 0 $ 0 $ 0 $ 0