All requirements

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 $ 58,000 195,000 Liabilities Frick, capital (60%) Wilson, capital (20%) clarke, capital (20%) Total liabilities and capital $ 44,000 111,000 31,000 67,000 $ 253,000 Total assets $253,000 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 $8,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $86,000 for $58,000. 3. Paid all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $47,000. 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 determine payments of cash to partners. Part C 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 C Prepare a predistribution plan for this partnership. Frick Wilson. Clarke