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Problem 2 The partnership of Edmonds, Beatty, and Elder has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances: Cash Noncash assets $105,600 389,400 Liabilities Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) Total liabilities and capital $77,000 222,200 61,600 134,200 $495,000 Total assets $495,000 The following transactions occur in liquidating this business: Distributed safe capital balances immediately to the partners. Liquidation expenses of $19,800 are estimated as a basis for this computation. Sold noncash assets with a book value of $176,00 O for $105,600. . Paid all liabilities. Distributed safe capital balances again. . Sold remaining noncash assets for $96,800. . Paid liquidation expenses of $15,400. Distributed remaining cash to the partners and closed the financial records of the business permanently. . Produce a final schedule of liquidation for this partnership, Edmonds, Capital Beatty, Capital Elder, Capital Beginning balances Assumed Loss (Explain here, if applicable) Step One balances Assumed Loss (Explain here, if applicable) Step Two balances Predistribution Plan: Show your predistribution plan Schedule 2 Partner Capital balance/Loss allocation Maximum loss that can be absorbed Edmonds Beatty Elder Schedule 3 Partner Capital balance/Loss allocation Maximum loss that can be absorbed Edmonds Elder