Please fill the PART B
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 $ 64,000 Liabilities 38,000 150,000 40,000 85,000 $313,000 249,000 Frick, Wilson, Clarke, capital (60%) capital capital (20 (20%) Total assets $313,000 Total liabilities and capital 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 $10,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $104,000 for $64,000 3. Paid all liabilities 4. Distributed cash based on safe capital balances again. 5. Sold remaining noncash assets for $56,000 6. Paid actual liquidation expenses of $8,000 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 Part C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation Required A Required HB Required C 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.) FRICK, WILSON, AND CLARKE Statement of Partnership Liquidation Final Balances Clarke, Noncash Assets Frick, Capital 60% Wilson, Capital 20% Cash Liabilities Capital 20% Beginning balances $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 Distribution Updated balances Noncash assets sold Updated balances Liabilities paid Updated balances First (remainder of first distribution) Next Next Updated balances Noncash assets sold Updated balances Liquidation expenses paid Updated balances Final distribution based on ending capital account balances Ending balance $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $ 64,000$ 249,000$ 38,000$ 150,000$ 40,000$ 85,000 $64,000$ 249,000 $ 38,000$ 150,000 $ 40,000$85,000 Required A Required C>
