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 S 60,000 Liabilities $ 40,000 129,000 35,000 75,000 $279,000 219,000 Frick, Wilson, Clarke, capital (60%) capital capital (20%) (20%) Total assets $279,000 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 $8,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $94,000 for $60,000. 3. Paid all liabilities. 4. Distributed cash based on safe capital balances again 5. Sold remaining noncash assets for $51,000 6. Paid actual liquidation expenses of $6,000 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 ARequired B Required C Prepare a predistribution plan for this partnership Frick, Capital Wilson, Capital Clarke Capital Beginning balances Loss Step one balances Loss Step two balances Loss Final balances 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 based on safe capital balances. Do.not round intermediate calculations.) FRICK, WILSON, AND CLARKE Statement of Partnership Liquidation Final Balances Clarke, Wilson, Capital Capital Capital 20% Frick, Noncash Cash Assets Liabilities 20% 60% $ 60,000 219,000$ 40,000 129,000 35,000 75,000 Beginning balances 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 Journal entry worksheet Record the entry for initial cash payments made to partners in accordance with predistribution plan. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal