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 $47,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	43,000		Liabilities	$	183,000
Accounts receivable		73,000		Butler, loan		43,000
Office equipment (net)		63,000		Butler, capital (25%)		115,000
Building (net)		175,000		Osman, capital (25%)		43,000
Land		165,000		Ward, capital (50%)		135,000
Total assets	$	519,000		Total liabilities and capital	$	519,000

Prepare a predistribution plan for this partnership.