The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $ 42,000 234,000 $46,500 22,500 Liabilities Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 79,000 69,000 59,000 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 $21,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $80,000 are sold for $63,000. How is the available cash to be divided? X Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 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. Partner Capital Balance Loss Allocation Maximum Loss That Can Be Absorbed Step 1 $ 101,500 50 $ 69,00030 $ 59,000 20 % % % $ 203,000 $ 230,000 $ 295,000 Drysdale Koufax Marichal Step 2 Koufax Marichal $ 8,1006 $ 18,4004 X% X% $ $ 4,860 7,360X The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $46,500 22,500 $ 42,000 Liabilities 234,000 Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 79,000 69,000 59,000 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 $21,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $80,000 are sold for $63,000. How is the available cash to be divided? Answer is not complete. Complete this question by entering your answers in the tabs below. Req A1 Req A2 Req B Liquidation expenses are estimated to be $21,000. 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 $ $ 46,500 Liquidation 21,000 expenses 42,000 Liabilities Next Next % % % All remaining cash % % % The Drysdale, Koufax, and Marichal partnership has the following balance sheet immediately prior to liquidation: Cash Noncash assets $46,500 22,500 79,000 $ 42,000 Liabilities 234,000 Drysdale, loan Drysdale, capital (50%) Koufax, capital (30%) Marichal, capital (20%) 69,000 59,000 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 $21,000. Prepare a predistribution schedule to guide the distribution of cash. Further, modify the tags in explanation as well. b. Assume that assets costing $80,000 are sold for $63,000. How is the available cash to be divided? Answer is not complete. Complete this question by entering your answers in the tabs below. Reg A1 Req A2 Req B Assume that assets costing $80,000 are sold for $63,000. 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 Marichal Total Cash distribution to partners: Drysdale Koufax First Next Next Total $ 0 $ 0 $ 0 $ 0