Question
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
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 $7,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $114,000 for $69,000. 3. Paid all liabilities. 4. Distributed cash based on safe capital balances again. 5. Sold remaining noncash assets for $61,000 6. Paid 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 based on safe capital balances. (Do not round intermediate calculations) - see Schedule of Partnership Liquidation for format Part C:
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