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Assessment 4: Partnerships 2 Exercise 2 Worksheet: Partnership Liquidation Schedule Edmonds, Beatty, and Elder decided to dissolve their partnership and liquidate the business. The following balance sheet was created at that time showing current account balances 4 Cash 5 Noncash assets 6 Building and equipment (net) | $ 200,000 Capital-Beatty (20%) 96,000 [Liabilities 354,000 Capital-Edmonds (60%) 70,000 $ 202,000 56,000 $ 122,000 $450,000Total Liabilites and Capital 450,000 Capital-Elder (20%) Total assets The transactions listed below occurred during liquidation: .Safe capital balances were distributed immediately to the partners. $18,000 in liquidation expenses were estimated as a basis for the computation. .Noncash assets, with a $160,000 book value, were sold for $96,000 .All liabilities were paid Safe capital balances were once again distributed $88,000 in remaining noncash assets were sold $14,000 in liquidation expenses were paid .Cash remaining was distributed to the partners Business financial records were closed permanently Allocate income and prepare a partnership liquidation schedule, using a predistribution plan. Use the spaces below to enter your calculations 9 Edmonds, Beatty, and Elder Schedule of Partnership Liquidation Final Balances 10 Elder, Noncash Assets Edmonds Beatty | Capital (60%) | Capital (20%) | Capital (20%) Cash Liabilities 12 Beginning balances 96,000S 354,000 S 70,000 S 202,000 S 56,000 S 122,000 Distribution of $8,000 (cash in excess of liabilities and estimated liquidation expenses) in accordance with 13 predistribution plan- Schedule 1 14 Updated balances 15 Noncash assets sold