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 $56,000 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 $ 52,000 82,000 72,000 220,000 210,000 $636,000 Liabilities Butler, loan Butler, Osman, capital (25%) Ward, capital (50%) 192,000 52,000 160,000 52,000 180,000 $636,000 capital (25%) Total liabilities and capital Prepare a predistribution plan for this partnership Butler, Loan Osman, and Capital Capital Ward Capital $212,000 $ 52.000 180,000 104,000 0 $ 76,000 76,000 0 Beginning balances 52,000 $ 160,000$ 38,000 $ 122,000$ Loss 52,000 Step one balances Loss Step two balances