The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Accounts payable $ 84,000 770,000 35,000 Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $ 889,000 Total liabilities and capital $ 184,000 45,000 290,000 190,000 180,000 $ 889,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Sold assets Adjusted balances 0 Max loss on remaining noncash assets Paid liabilities Safe payments Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital EA $ 0 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 $ 0

The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Gulian, loan Accounts payable $ 84,000 770,000 35,000 Zahiri, loan Gulian, capital Singh, capital Zahiri, capital $ 889,000 Total liabilities and capital $ 184,000 45,000 290,000 190,000 180,000 $ 889,000 Total assets Required: The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $250,000. Prepare a proposed schedule of liquidation at this point in time. Note: Amounts to be deducted should be entered with a minus sign. Beginning balances GULIAN, SINGH, AND ZAHIRI Proposed Schedule of Liquidation Cash Sold assets Adjusted balances 0 Max loss on remaining noncash assets Paid liabilities Safe payments Other Assets Accounts Payable Gulian, Loan and Capital Singh, Capital Zahiri, Loan & Capital EA $ 0 $ 0 $ 0 $ 0 $ 0 0 $ 0 $ 0 $ 0 $ 0 $ 0