The following condensed balance sheet is for the partnership of Gullan, Singh, and Zahir, who share profits and losses in the ratio of 4.3.3, respectively Cash Other assets Gulian, loan Total assets $88,000 790,000 39,000 5 917,000 Accounts payable Zahiri, loan Gulian, capital Singh, capital Zahiri, capital Total liabilities and capital 5 158,000 49,000 330,000 230,000 150,000 5 917,000 Required: The partners decide to liquidate the partnership. Fifty percent of the other assets are sold for $290,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital Sold assets Adjusted balances $ 0 $ 0 S D S Q 0 S Max loss on remaining noncash assets Paid liabilities Safe payments $ 0 0 $ 0 S 0 S 0