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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 Noncash assets $ 53,000 189,000 Liabilities Trick, capital (604) Wilson, capital (201) Clarke, capital (201) Total liabilities and capital $ 39,000 108,000 30,000 65,000 $242,000 Total assets $242.000 Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business: 1. Distributed safe payments of cash immediately to the partners. Liquidation expenses of $7.000 are estimated as I basis for this computation 2. Sold noncash assets with a book value of $84,000 for $53,000. 3. Pald all liabilities 4. Distributed safe payments of cash again, 5. Sold remaining noncash assets for $46,000. 6. Pald actual liquidation expenses of $5,000 only. 7. Distributed remaining cash to the partners and closed the financial records of the business permanently Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. Part Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation Complete this question by entering your answers in the tabs below. Required Required Required Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners Part Prepare Journal entries to record the liquidation transactions reflected in the final statement of liquidation Complete this question by entering your answers in the tabs below. Required A Required B Required Prepare a predistribution plan for this partnership. Frick, Capital Wilson Capital Clarke, Capital Beginning balances Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances Assumed loss of Schedulo 3 Stop three balances Reguleed A Required B > Enabled: Midterm II Exam (Official) i Saved Help Save & Exit Subm Required A Required B Required C Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. (Do not round Intermediate calculations.) 04 FRICK, WILSON, AND CLARKE Statement of Partnership Liquidation Final Balances Noncash Wilson Cash Clarke, Frick, Capital Liabilities Assets (60%) Capital Capital (20%) (20%) Beginning balances $ 53,000 $189.000 $ 39,000 $ 108.000 $ 30.000 $ 65,000 Distribution Updated balances Noncash assets sold Updated balances Liabilities paid Updated balances Fint remainder of first distribution) Next Next Updated balances Noncash assets sold Updated balances Liquidation expenses pald Updated balances Final distribution based on ending capital account balances Ending balanco Help Required A Required B Required C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Required A Required B Required C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation (If no entry is required fo transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 Record the allocation of losses to partners on sale of remaining noncash assets. Note: Enter debits before credits General Journal Transaction 5 Debit Credit Record entry Clear entry View general Journal
