The partnership of Butler, Osman, and Ward was formed several years ago 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 $41,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 37,000 67,000 57,000 145,000 135,000 $441,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital $ 177,000 37,000 85,000 37,000 185,000 $441,000 Prepare a predistribution plan for this partnership Butler, Loan and Capital Osman Capital Ward Capital Beginning balances Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances 5 05 015 0 $ 0S OS 0