The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and liquidate all business property. During this process, the partners expect to incur $8,000 in liquidation expenses. All partners are currently solvent. The balance sheet reported by this partnership at the time that the liquidation commenced follows. The percentages indicate the allocation of profits and losses to each of the four partners. Cash Accounts receivable Inventory $ 28,250 Liabilities $ 47,000 Land and buildings Equipment 44,000 39,000 23,000 104,000 Larson, capital (20%) 15,000 Norris, capital (30%) 60,000 Spencer, capital (20%) 75,000 Total assets $ 238,250 Harrison, capital (30%) Total liabilities and capital 41,250 $ 238,250 Based on the information provided, prepare a predistribution plan for liquidating this partnership. Complete this question by entering your answers in the tabs below. Loss Allocation Partner Balances Prepare the loss allocation table. Maximum Partner Capital Balance Loss Allocation Loss That Can Be Absorbed Schedule 1 Larson Norris Spencer Harrison Schedule 2 Larson Norris Spencer Harrison Schedule 3 Larson Norris Spencer Harrison < Loss Allocation Partner Balances >