The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $39,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	35,000		Liabilities	$	175,000
Accounts receivable		65,000		Butler, loan		35,000
Office equipment (net)		55,000		Butler, capital (25%)		75,000
Building (net)		135,000		Osman, capital (25%)		35,000
Land		125,000		Ward, capital (50%)		95,000
Total assets	$	415,000		Total liabilities and capital	$	415,000

Prepare a predistribution plan for this partnership.