31., 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: 40,000 129,000 35.000 75,000 $60,000 219,000 Frick, capital (60%) ... Wilson, capital (20%). . . . Clarke, capital (20%). ^ . . . . Noncash assets. Total assets .. . $279,000 Total liabilities and capital... $279,000 Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business: 1. Distributed cash based on safe capital balances immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $94,000 for $60,000. 3. Paid all liabilities. 4. Distributed cash based on safe capital balances again. 5. Sold remaining noncash assets for $51,000. 6. Paid actual liquidation expenses of $6,000 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 deter- mine payments of cash to partners based on safe capital balances. Part C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation