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

$ 64,000

Liabilities

$ 38,000

Noncash assets

249,000

Frick, capital (60%)

150,000

Wilson, capital (20%)

40,000

Clarke, capital (20%)

85,000

Total assets

$313,000

Total liabilities and capital

$313,000

1. 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 $10,000 are estimated as a basis for this computation.
2.	Sold noncash assets with a book value of $104,000 for $64,000.
3.	Paid all liabilities.
4.	Distributed cash based on safe capital balances again.
5.	Sold remaining noncash assets for $56,000.
6.	Paid actual liquidation expenses of $8,000 only.
7.	Distributed remaining cash to the partners and closed the financial records of the business permanently. 2. prepare a schedule of partnership liquidation...final balances