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Chapter15 Homework 0 Saved Help Save& Exit Submit w A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business's balance sheet prior to the commencement of liquidation Is as follows: Cash 5 27, 000 Liabilities $ 40,000 3 Noncash assets 254,000 Simpson, capital (20%) 18,000 points Hart, capital (40%) 40,000 Bobb, capital (20%) 48,000 Reidl, capital (20%) 135,000 El Total assets $281, 000 Total liabilities and capital 5 281,000 _ .iii 7 ,, ,i,i,,,,,ii,,,iii ,, ,,,,, ,, eBook Prepare a predistribution plan for this partnership. H Print Complete this question by enterlng your answers In the tabs below. TI References . Partner Loss Allocation Balances Prepare the loss allocation table. Schedule 1 Simpson Schedule 2 Schedule 3 MC zw [duulion Chapter15 Homework 0 Saved Help Save& Exit Submit w 4 A local partnership is to be liquidated. Commissions and other liquidation expenses are expected to total $19,000. The business's balance sheet prior to the commencement of liquidation is as follows: 3 Cash 5 27,000 Liabilities $ 40,000 olms Noncash assets 254,000 Simpson, capital (20%) 18,000 D Hart, capital (40%) 40,000 Bobb, capital (20%) 48,000 Reidl, capital (20') 135,000 Q Total assets $281,000 Total liabilities and capital 5 281,000 eBook 6 Prepare a predistribution plan for this partnership. Print fl Complete this question by entering your answers in the tabs below. References . Partner Loss Allocation Balances Prepare the table showing partner balances. Reported balances Assumed loss Schedule 1 Adjusted balances Assumed loss Schedule 2 Adjusted balances Assumed loss Schedule 3 Adjusted balances