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	$	66,000		Liabilities	$	46,000
Noncash assets		231,000		Frick, capital (60%)		135,000
				Wilson, capital (20%)		37,000
				Clarke, capital (20%)		79,000
Total assets	$	297,000		Total liabilities and capital	$	297,000

Part A

Prepare a predistribution plan for this partnership

Part B

The following transactions occur in liquidating this business:

Distributed cash based on safe capital balances immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation.

Sold noncash assets with a book value of $98,000 for $66,000.

Paid all liabilities.

Distributed cash based on safe capital balances again.

Sold remaining noncash assets for $53,000.

Paid actual liquidation expenses of $8,000 only.

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.