The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $15,000. Cash $ 100,000 Noncash assets 240,000 Total assets $ 340,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital $ 50,000 120,000 60,000 110,000 $ 340,000 Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. (Amounts to be deducted should be entered with a minus sign.) Beginning balances Pay liabilities Max. liquidation expenses Max. loss noncash assets Initial safe payments ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Cash Assets Liabilities Arch, Capital 40% Bibb, Capital 20% Dao, Capital 40%