The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The partners estimate liquidation expenses will be $10,000.

Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination.

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$ 50,000 $130,000 230,000 Cash Liabilities. Arch, capital (40%). Bibb, capital (20%). Dao, capital (40%). Noncash assets. 120,000 60,000 130,000 Total assets $360,000 Total liabilities and capital. $360,000