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	$ 98,000		Accounts payable	$ 78,000
Other assets	840,000		Ferris, loan	59,000
Hardwick, loan	49,000		Hardwick, capital	360,000
			Saunders, capital	250,000
			Ferris, capital	240,000
Total assets	$ 987,000		Total liabilities and capital	$ 987,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $116,000. Prepare a proposed schedule of liquidation at this point in time.

	Cash	Other Assets	Accounts Payable	Hardwick, Loan and Capital	Saunders, Capital	Ferris, Loan and Capital
Beginning Balances
Sold Assets
Assumed: Loss on remaining assets
Paid Liabilites
Safe Balances