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 $ 64,000 261,000 Liabilities Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) $ 38,000 156,000 42,000 89,000 Total assets $325,000 Total liabilities and capital $325,000 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 $108,000 for $64,000. 3. Paid all liabilities. 4. Distributed cash based on safe capital balances again. 5. Sold remaining noncash assets for $58,000. 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. (Do not round intermediate calculations.) FRICK, WILSON, AND CLARKE Schedule of Partnership Liquidation Final Balances Cash Noncash Assets Liabilities Frick, Capital (60%) $ 156,000 Wilson, Capital (20%) $ 42,000 Clarke, Capital (20%) $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 Beginning balances Distribution Updated balances Noncash assets sold Updated balances All liabilities are paid Updated balances First (remainder of first distribution) Next Next Updated balances Noncash assets sold Updated balances Paid liquidation expenses Updated balances Final distribution based on ending capital account balances Ending balance $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000 $ 64,000 $ 261,000 $ 38,000 $ 156,000 $ 42,000 $ 89,000