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 $12,000. Cash $ 120,000 Liabilities $ 50,000 Noncash assets 230,000 Arch, capital (40%) 100,000 Bibb, capital (20%) 50,000 Dao, capital (40%) 150,000 Total assets $ 350,000 Total liabilities and capital $ 350,000 Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination.