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 Liabilities $ 71,000 291,000 Bauer, capital (60%)) Ohtani, capital (28%) Souza, capital (20%) 5 39,000 177,000 47,000 99,000 Total assets $ 362,000 Total liabilities and capital $362,000 Required: 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 $9,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $118,000 for $71,000. 3. Paid all liabilities 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $63,000. 6. Paid actual liquidation expenses of $7,000 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. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Part A Part B Part C Bauer, Capital Prepare a predistribution plan for this partnership. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount, Beginning balances Ohtani, Souza, Capital Capital Assumed loss of Schedule 1 Step one balances 0 0 Assumed loss of Schedule 2 Step two balances 0 0 0 Assumed loss of Schedule 3 Step three balances Part B > Part A Part B Part C Prepare a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. BAUER, OHTANI, AND SOUZA Statement of Partnership Liquidation Final Balanoes Beginning balances Distribution Updated balances Noncash assets sold Updated balances Liabilities paid Updated balances First (remainder of first distribution) Nex Naot Updated balances Noncash assets sold Updated balances Liquidation expenses paid Updated balances Final distribution based on ending capital account balances Ending balance Cash Noncash Assets Liabilities Bauer, Capital (60%) Ohtani Souza, Capital Capital (20%) (20%) 5 71,000 $291,000 $ 39,000 $ 177,000 $ 47,000 $90,000 S 71,000 $ 291,000 $ 30,000 S 177,000 $ 47,000 $ 99,000 $ 71,000 $291,000 $ 39,000 $177,000 $ 47,000 $ 99.000 $ 71,000 $291,000 $ 39.000 $ 177,000 $47,000 $ 90,000 $ 71,000 $ 291.000 $ 30,000 5 177.000 $ 47,000 500,000 $ 71,000 $291,000 $ 39,000 5 177.000 $ 47,000 $90,000 $ 71,000 $201,000 $ 39,000 $127,000 $ 47,000 $00.000 $ 71,000 $201.000 $ 39,000 S 177.000 $ 47,000 $99.000 Complete this question by entering your answers in the tabs below. Part A Part B Part C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. Note: 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 < A B C D E F G Record the entry for initial cash payments made to partners in accordance with predistribution plan. Note: Enter debits before credits Transaction 1 General Journal Debit Credit Record entry Clear entry < Part B View general Journal