The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:

Cash.$ 48,000 Noncash assets. 177,000 LO6 Total assets. $225,000 Liabilities. $ 35,000 Frick, capital (60%). 101,000 Wilson, capital (20%). 28,000 Clarke, capital (20%). 61,000 Total liabilities and capital .... $225,000 The following transactions occur in liquidating this business:

• Distributed safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation.

• Sold noncash assets with a book value of $80,000 for $48,000.

• Paid all liabilities.

• Distributed safe capital balances again.

• Sold remaining noncash assets for $44,000.

• Paid liquidation expenses of $7,000.

• Distributed remaining cash to the partners and closed the financial records of the business permanently.

Produce a final schedule of liquidation for this partnership.