The partnership of Larson, Rojas, Spencer, and Tran 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. Inventory Cash Accounts receivable Land and buildings Equipment Total assets Required: Liabilities Larson, capital (20%)) Rojas, capital (30%) $ 28,250 44,000 39,000 23,000 Spencer, capital (20%) 104,000 Tran, capital (30%) $238,250 Total liabilities and capital $ 47,000 15,000 60,000 75,000 41,250 $ 238,250 Based on the information provided, prepare a predistribution plan for liquidating this partnership. Prepare the loss allocation table. Maximum Partner Capital Balance Loss Allocation Loss That Can Be Absorbed Schedule 1 Larson Rojas Spencer Tran Schedule 2 Larson Rojas Spencer Tran Schedule 3 Larson Rojas Spencer Tran Loss Allocation Partner Balances Prepare the table showing partner balances. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances Assumed loss Balances Assumed loss Balances Assumed loss Balances Larson Rojas Spencer Tran