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 $13,000. Cash Noncash assets Total assets $ 150,000 270,000 Beginning balances $ 420,000 Liabilities Arch, capital (40%) Bibb, capital (20%) Dao, capital (40%) Total liabilities and capital Prepare a proposed schedule of liquidation to carry out a preliminary distribution of partnership assets at the date of termination. (Amounts to be deducted should be entered with a minus sign.) Cash ARCH, BIBB, AND DAO PARTNERSHIP Proposed Schedule of Liquidation Date of Termination Noncash) Assets $ 70,000 125,000 62,500 162,500 $ 420,000 Liabilities Arch, Capital 40% Bibb, Capital 20% Dao, Capital 40%