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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

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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: Part A Prepare a predistribution plan for this partnership. Port B The following transactions occur in liquidating this business: 1. Distributed safe payments of cash immediately to the portners. Liquidation expenses of $9,000 are estimated as a basis for this computation. 2 Sold noncash assets with a book value of $122,000 for $76,000 3. Paid all liabilities 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $65.000 6. Paid actual liquidation expenses or $7,000 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 detemmine payments of cash to partners. Port C Prepare journal entries ta record the liquidation tansactions reflected in the final stotement of liquidation. Prepare a predistribution plan for this partnership. 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, WIL.SON, AND CLARKE Statement of Partnership Liquidation Beginning balances Distirution Updated balances Noncash assots sold Updated balances. Lhabinios paid Updated balances Fast icenaindet of first distribution) Noxt Next Updased bolances Noncash aspets sold Updatod balances Uluaidatioc expenses pale Opdited balances Final dstribuion based on ending capltal account baiances Ending balance Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. (If no en transaction/event, select " No Journal entry required" in the first account fieid.) Journal entry worksheet 234567 Record the entry for initial cash payments made to partners in accordance with predistribution plan. Notel Enter debis before credits

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