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The following condensed balance sheet is for the partnership of Hardwick, Saunders, and Ferris, who share...

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 $99,000    Accounts payable $54,000

Other assets 845,000 Ferris, loan 60,000

Hardwick, loan 50,000     Hardwick, capital 370,000      

Total assets $994,000 Saunders, capital 260,000      

Ferris, capital 250,000

Total liabilities and capital $994,000  

The partners decide to liquidate the partnership. Forty percent of the other assets are sold for $100,000. Prepare a proposed schedule of liquidation at this point in time. (Amounts to be deducted should be entered with a minus sign.)

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