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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 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 $ 97,000 Accounts payable $ 102,000
Other assets 835,000 Ferris, loan 58,000
Hardwick, loan 48,000 Hardwick, capital 350,000
Saunders, capital 240,000
Ferris, capital 230,000
Total assets $ 980,000 Total liabilities and capital $ 980,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $146,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)

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