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 $11,000. Cash $ 140,000 Noncash assets 260,000 Total assets $ 400,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital $ 60,000 125,000 62,500 152,500 $ 400,000 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 Cash ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash Assets Liabilities Arch, Capital 40% Bibb, Capital Dao, Capital 20% 40%