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Problem 15-22 (Static) (LO 15-7) 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 Land and buildings Equipment Total assets $ 28,250 44,000 39,000 28,800 104,000 $ 238,250 Liabilities Larson, capital (20%) Norris, capital (30%) Spencer, capital (20%) Harrison, capital (30%) 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 Complete this question by entering your answers in the tabs below. Loss Allocation Partner Balances Prepare the loss allocation table. Partner Maximum Capital Balance Loss Allocation Loss That Can Be Absorbed to search ot Loss Allocation Partner Balances Prepare the loss allocation table Partner Maximum Capital Balance Loss Allocation Loss That Can Be Absorbed S $ $ $ Schedule 1 Larson Norris Spencer Harian Schedule 2 Larson 15.000 2/10 60,000 V10 75 000 12/10 41.250 3/10 75,000 200 000 375,000 137,500 $ $ S $ $ $ $ 5 37,500 3/8 50.000 28 18.750 18 S $ 100.000 240.000 50 000 Norris Spencer Hamson Schedule 3 Larson Norris Spencer Harrison $ 5 18,750 375 47 500 275 $ $ 31.250 118.750 Los con Partner Balances > Complete this question by entering your answers in the tabs below. Loss Allocation Partner Balances Prepare the table showing partner balances. Larson Norris Spencer Harrison $ 15,000 $ 60,000 $ 75,000 $ 41,250 $15,000 (15,000) Beginning balances Assumed loss Schedule 1 Step one balances Assumed loss Schedule 2 (22,500) (15,000) (22,500) $ 37,500 $ 60,000 $ 18,750 $18.750 37,500 60,000 S (12 500) 18,750 $ (18.750 (18.750) $12.500 Step two balances Assumed loss Schedulo 3 Stop three balances 18,750 47.500 $ 35,000 Loss Allocation