After 25 years of operations, the Starke, Lannister, and Targaryen partnership has decided to liquidate. At that time, 1/1/2012, the partnership balance is as follows: Assets Starke, Lannister, and Targaryen, Partners Balance Sheet As of 1/1/2012 Liabilities and Partners' Capital $90.000 liabilities 300.000 Starke, Capital $390.000 Lannister, Capital Targaryen, Capital Noncash assets Total assets $60,000 80,000 110,000 140.000 $290. In accordance with the Articles of Partnership, the partners agreed to share profits and losses as follows: Starke, Capital Lannister, Capital Targaryen, Capital 30% 40% 30% The partnership estimates liquidation expenses of $8,000. Required A. The partnership disposes of $150,000 of the noncash assets for $120,000, give the journal entry recording disposal of those noncash assets. B. Prepare a statement of Liquidation for the partnership, given the following: a. Disposes of remaining noncash assets for $110,000 b. Settles all outstanding liabilities Settles partnership expenses. C. Briefly explain the: a. Purpose of a "predistribution plan, b. Term "safe" balance (also called "safe payment"), and Assumptions an accountant must consider when determining a partnership's safe balance. D. For the Starke, Lannister, & Targaryen partnership, compute the total amount of cash available for sale payment before disposal of any noncash assets. (No allocation to the individual partners is required) Optional Bonus Question (10 bonus (IFRS v US GAAP) With respect to translation of the financial statements of a foreign subsidiary located in a highly inflationary economy, explain the differences between U.S. GAAP accounting and reporting and IFRS accounting and reporting. (Be brief, no more than 3 paragraphs)