prepare the loss allocation table

prepare the table showing partner balances

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 Liabilities 44,000 Larson, capital (20%) 39, eee Norris, capital (30%) 23, eee Spencer, capital (20%) 104,000 Harrison, capital (30%) $ 238, 250 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. Partner Maximum Capital Balance Loss Allocation Loss That Can Be Absorbed Schedule 1 Larson Norris Spencer Harrison Schedule 2 w Larson Norris Spencer Harrison Schedule 3 Larson Norris Spencer Harrison Larson Norris Spencer Harrison Beginning balances Assumed loss Schedule 1 Step one balances Assumed loss Schedule 2 Step two balances Assumed loss > Schedule 3 Step three balances