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.

Required:

Note: Use the cells A$2$ to E$12$ from the above information to complete this question.

a$.$ Calculate the maximum loss that can be absorbed for each partner.

b$.$ Complete the liquidation schedule.