Problem $10-20($Algo$)($LO $10-6)$

The following balance sheet is for a partnership in which the partners have decided to terminate operations and liquidate assets. The

partners estimate liquidation expenses will be $$15,000.$

Required:

Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination.

Note: Amounts to be deducted should be entered with a minus sign.