The partnership of Bauer, Ohtani, and Souza 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 Total assets $ 69,000 279,000 $ 348,000 Liabilities Bauer, capital (60%) Ohtani, capital (20%) Souza, capital (20%) Total liabilities and capital Required: Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business $ 40,000 168,000 45,000 95,000 $ 348,000 Saved 1. Distributed safe payments of cash Immediately to the partners. Liquidation expenses of $7,000 are estimated as a basis for this computation. Complete this question by entering your answers in the tabs below. 2. Sold noncash assets with a book value of $114,000 for $69,000. 3. Pald all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $61,000. 6. Pald actual liquidation expenses of $5,000 only. 7. Distributed remaining cash to the partners and closed the financial records of the business permanently. Prepare 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.

The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances. Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business 1. Distributed safe payments or cash 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 habilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $61,000 6. Pald actual liquidation expenses of $5,000 only 7. Distributed remaining cash to the partners and closed the financlai records of the business permanently. Prepare a final statement of ilquidation for this partnership using the predistribution plan to determine payments of cash to partners Port c Prepare journal entries to record the ilquidation transactions reflected in the final statement of iquidation. The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and ilquidate its business property. A balance sheet drawn up at this time shows the following account balances: Required: Port 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 $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. Pald all liabilities: 4. Distributed sate payments of cash again. 5. Sold remaining noncash assets for $61,000 6. Paid actual liquadation expenses of $5,000 only 7. Distributed remaining cash to the partners and closed the financial records of the business permanently. Prepare a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. Port C Prepare journal entries to record the liquidation transactions reflected in the final statement of ilquidation