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	$	92,000			Accounts payable	$	72,000
Other assets		810,000			Ferris, loan		53,000
Hardwick, loan		43,000			Hardwick, capital		370,000
					Saunders, capital		230,000
					Ferris, capital		220,000
Total assets	$	945,000			Total liabilities and capital	$	945,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $155,000. Prepare a proposed schedule of liquidation at this point in time.

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