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Problem 15-16 (Algo) (LO 15-6) The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Hardwick, loan $ 95,000 825,000 46,000 Accounts payable Ferris, loan Hardwick, capital Saunders, capital Ferris, capital Total liabilities and capital $ 80,000 56,000 400,000 220,000 210,000 $966,000 Total assets $966,000 The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $115,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.) HARDWICK, SAUNDERS, AND FERRIS Proposed Schedule of Liquidation Other Hardwick, Ferris, Cash Accounts Saunders, Assets Loan and Loan & Payable Capital Capital Capital Beginning balances $ 95,000$ 825,000$ 80,000$ 354,000 $ 220,000 $ 266,000 Sold assets 115,000 (330,000) 0 (86,000) (64,500) 64.500 X Adjusted balances $ 210,000 $ 495,000 $ 80,000 $ 268,000 $ 155,500 $ 330,500 Max loss on remaining noncash assets 0 (495,000) 0 (198,000) (148,500) 148,500 X Paid liabilities (80,000) 0 (80,000) 0 0 Safe payments $ 130,000 $ 0 0 $ 70,000 $ 7,000 479.000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted