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12 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: -ints Cash Noncash assets $ 75,000 309,880 Liabilities Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) Total liabilities and capital $ 40,eee 189, eee 50,000 105,000 $384,800 Total assets $384,800 eBook Print References 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 $10.000 are estimated as a basis for this computation 2. Sold noncash assets with a book value of $124.000 for $75.000. 3. Paid all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $66.000. 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. Part 0 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 Prepare a predistribution plan for this partnership. Frick, Wilson, Clarke Capital Capital Capital Beginning balances S 180,000 $50,000 $ 105,000 Assumed loss of Schedule 1 Step one balances 189,000 50,000 105,000 Assumed loss of Schedule 2 Step two balances 189,000 50,000 105,000 Assumed loss of Schedule 3 Step three balances 189,000 50,000 105,000 Required A Required B Required C Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. (Do not round intermediate calculations.) FRICK, WILSON, AND CLARKE Statement of Partnership Liquidation Final Balances Wilson, Noncash Clarke, Frick, Capital Cash Liabilities Assets Capital (60%) Capital (20%) (20%) Beginning balances S 75,000 S 309,000 $ 40.000 $ 189,000 $ 50,000 $ 105,000 Distribution Updated balances $ 75,000 $ 300,000 $ 40,000 S 189,000 $50,000 $ 105,000 Noncash assets sold Updated balances $ 75,000 $ 300,000 $ 40,000 S 189,000 $ 50,000 $ 105,000 Liabilities paid Updated balances $ 75,000 S 309,000 $ 40,000 s 189,000 $ 50,000 $ 105,000 First (remainder of first distribution) Next Next Updated balances $ 75,000 S 309,000 $ 40,000 $ 189,000 $ 50,000 $ 105,000 Noncash assets sold Updated balances S 75,000 S 309,000 $ 40,000 S 189,000 $ 50,000 $ 105,000 Liquidation expenses paid Updated balances S 75.000 S 309,000 $ 40,000 S 189,000 $50,000 S 105,000 Final distribution based on ending capital account balances Ending balance $ 75,000 S 309,000 S 40,000 S 189,000 $ 50,000 $ 105,000 Required A Required B Required Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet