$\backslash$table$[[$Cash$,$$ $48,000,$Liabilities,$ $43,000],[$Noncash assets,$264,000,$Drysdale, loan,$35,000],[,,$Drysdale, capital $(50\%),88,000],[,,$Koufax, capital $(30\%),78,000],[,,$Marichal, capital $(20\%),68,000],[$Total assets,$ $312,000,$Total liabilities and capital,$ $312,000]]$

Required:

a$-1.$ Determine the maximum loss that can be absorbed in Step $1.$ Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step $2.$

a$-2.$ Liquidation expenses are estimated to be $$27,000.$ Prepare a predistribution schedule to guide the distribution of cash.

b$.$ Assume that assets costing $$86,000$ are sold for $$66,000.$ How is the available cash to be divided?

Complete this question by entering your answers in the tabs below.

Req A$1$

Determine the maximum loss that can be absorbed in Step $1.$ Then, assuming that this loss has been incurred, determine the next maximum loss that can be absorbed in Step $2.$

$\backslash$table$[[$Partner$,$Capital Balance,Loss Allocation,Maximum Loss That Can Be Absorbed$],[$Step $1,,,,],[$Drysdale$,,,\%,],[$Koufax$,,,\%,],[$Marichal$,,,\%,],[$Step $2,,,,],[$Koufax$,,,\%,],[$Marichal$,,,\%,]]$

$4$ of $7$

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