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

$60,000

Liabilities

$40,000

Noncash assets

219,000

Frick, capital (60%)

129,000

Wilson, capital (20%)

35,000

Clarke, capital (20%)

75,000

Total assets

$279,000

Total liabilities and capital

$279,000

Part A

Prepare a predistribution plan for this partnership.

Part B

The following transactions occur in liquidating this business:

Distributed safe payments of cash immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for this computation.

Sold noncash assets with a book value of $94,000 for $60,000.

Paid all liabilities.

Distributed safe payments of cash again.

Sold remaining noncash assets for $51,000.

Paid actual liquidation expenses of $6,000 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.

Part C

Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.

*please show all work with calculations please***