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The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 52,000 315,000 Liabilities Winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (10%) Zed, capital (10%) $ 66,000 82,000 105,000 62,000 52,000 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation. Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $37,000.(Do not round intermediate calculations.) Answer is complete but not entirely correct. $ Beginning capital Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balances Winn Xie 82,000 $ 105,000 $ (82,000) $ (49,200 $ 0 $ 55,800 $ $ (55,800) $ 0 $ 0 $ $ 0 $ 0 $ Yang 62,000 $ (16,400) $ 45,600 (9,300) $ 36,300 (26,300) $ 10,000 Zed 52,000 (16,400) 35,600 (9,300) X 26,300 (26,300) 0 $ $ The partnership of Winn, Xie, Yang, and Zed has the following balance sheet: Cash Other assets $ 52,000 315,000 Liabilities Winn, capital (50% of profits and losses) Xie, capital (30%) Yang, capital (10%) Zed, capital (10%) $ 66,000 82,000 105,000 62,000 52,000 Zed is personally insolvent, and one of his creditors is considering suing the partnership for the $3,000 that is currently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force such an extreme action unless Zed is reasonably sure of obtaining at least $3,000 from the liquidation. Prepare a predistribution plan to determine the amount for which the partnership must sell the other assets to ensure that Zed receives $3,000 from the liquidation. Liquidation expenses are expected to be $37,000.(Do not round intermediate calculations.) Answer is complete but not entirely correct. $ Beginning capital Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedule 3 Step three balances Winn Xie 82,000 $ 105,000 $ (82,000) $ (49,200 $ 0 $ 55,800 $ $ (55,800) $ 0 $ 0 $ $ 0 $ 0 $ Yang 62,000 $ (16,400) $ 45,600 (9,300) $ 36,300 (26,300) $ 10,000 Zed 52,000 (16,400) 35,600 (9,300) X 26,300 (26,300) 0 $ $

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