The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively:

Cash	$ 85,000		Accounts payable	$ 156,000
Other assets	800,000		Ferris, loan	50,000
Hardwick, loan	51,000		Hardwick, capital	300,000
			Saunders, capital	220,000
			Ferris, capital	210,000
Total assets	$ 936,000		Total liabilities and capital	$ 936,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $210,000. Prepare a proposed schedule of liquidation at this point in time.

Beginning balances Sold assets Assumed: loss on remaining assets Paid liabilities Safe balances HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick Cash Other Assets Accounts Loan and Saunders, F Loan Payable Capital Capital & Capital S 0 0