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	$	84,000			Accounts payable	$	184,000
Other assets		770,000			Ferris, loan		45,000
Hardwick, loan		35,000			Hardwick, capital		290,000
					Saunders, capital		190,000
					Ferris, capital		180,000
Total assets	$	889,000			Total liabilities and capital	$	889,000

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time.

HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Hardwick, Saunders, Other Accounts Loan and Payable Ferris, Loan & Capital Cash Assets Capital Capital Beginning balances Sold assets Assumed: loss on remaining assets Paid liabilities Safe balances 0