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Liquidation schedule-one negative capital account with no capital contribution The ABC partnership reports the following...

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Liquidation schedule-one negative capital account with no capital contribution The ABC partnership reports the following condensed baiance sheet: The partners wish to liquidate the partnership. The noncash assets are sold for $1,120,000 with the loss distributed to the partners in the ratio of 30\%:20\%:50\% to partner A, B, and C, respectively. The liabilities are paid in full, Assume that any partners with a negative balance in their respective Capital Accouns are insolvent and, therefore, do not make any capital contribution to the partnership (lie, remaining parthers must obsorb the negative Capital Account according to their profit sharing formula). Prepare a schedule detailing the liquidation of the assets, repayment of the liabilites, and distribution of the remaining cash to the partners: Note: Use a negative sign with answers that reduce account balances or to indicate a negative account balance, Otherwise, do not use negative signs

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