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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 61,000 Liabilities 213,000 $ 44,000 123,000 34,000 Total assets $274,000Total liabilities and capital $274,000 Frick, capital (68%) Wilson, capital (20%) Clarke, capital (20%) 73,900 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 $92,000 for $61,000 . Paid all liabilities Distributed cash based on safe capital balances again. Sold remaining noncash assets for $50,000 . Paid actual liquidation expenses of $6,000 only Distributed remaining cash to the partners and closed the financial records of the business permanently roduce a final statement of liquidation for this partnership using the predistribution plan to determine payments of ased on safe capital balances cash to partners rt C journal entries to record the liquidation transactions reflected in the final statement of liquidation. to record the liquidation transactions reflected epare CK, WILSON, AND CLARKE Statement of Partnership Liquidation Final Balances Cash Noncash Frick, Wilson, Clarke, Liabilities Capital Capital Capital Assets Beginning balances Distribution Updated balances Noncash assets sold Updated balances Liabilities paid Updated balances First (remainder of first distribution) (60%) $ 61,000 $ 213,000 S 44,000 123,000 $ 34,000$ 73,000 (9,000 9000) 213 000 S 44.000 $ 123,000 $ 34,000 $ 64,000 s 52.000 61,000(92,000) (18,600)(6.200) 6.200 s 113,000 121000 44,000 104,400 27800 s 57800 (44,000) (44,000) $69,000 S 121,000 S (23,000) (28,000 0 S 104.400 $ 27,800 57,800 (23,000 7,000) (21,000) (6,000 10,000 2,000 Updated balances Noncash assets sold Updated balances Liquidation expenses paid Updated balances $ 28,000 S 121,000$0 $ 77,400 $25,800 $ 25.800 (42,600) (14.200) (14.200) 0| $ 34,000, $ 11.600| $ 11,600 (3,600)(1.200)(1.200) 0 S 31,200 $ 10.400 $ 10.400 (31800)r(10% (10.600 O 0 S (600) (200) (200) 50,000(121,000) S 78,000 S S 72,000 S (63000) (6,000) 0 Final distribution based on ending capital account balances 5 19,000 $ Fnding balance Required C >