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 Other assets Hardwick, loan Total assets $ 95,000 825,000 46,000 $966,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Beginning balances Sold assets Adjusted balances Max loss on remaining noncash assets Paid liabilities Safe payments Total liabilities and capital The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation $ $ Cash 0 T Other Assets $ 0 $ Accounts Payable 0 $ 0 $ 80,000 56,000 400,000 220,000 210,000 $966,000 $ 0 Hardwick, Loan and Capital $ SA $ Saunders, Capital 0 $ 0 $ 0 0 Ferris, Loan & Capital $ $ 0 0

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: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)