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	$	43,000
Noncash assets		201,000		Frick, capital (60%)		117,000
				Wilson, capital (20%)		32,000
				Clarke, capital (20%)		69,000
Total assets	$	261,000		Total liabilities and capital	$	261,000

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 $9,000 are estimated as a basis for this computation.

Sold noncash assets with a book value of $88,000 for $60,000.

Paid all liabilities.

Distributed safe payments of cash again.

Sold remaining noncash assets for $48,000.

Paid actual liquidation expenses of $7,000 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.

Complete this question by entering your answers in the tabs below. Prepare a predistribution plan for this partnership. Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. (Do not intermediate calculations.) Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. (Do not intermediate calculations.) Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet \begin{tabular}{lllll} 4 & 5 & 6 & 7 & > \\ \hline \end{tabular} Record the entry for initial cash payments made to partners in accordance with predistribution plan. Note: Enter debits before credits. Journal entry worksheet 567 Record the allocation of losses to partners on sale of noncash assets. Note: Enter debits before credits. transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 567 Record the extinguishment of all partnership liabilities. Note: Enter debits before credits. Journal entry worksheet Record the entry for cash payments made to partners in accordance with predistribution plan. Note: Enter debits before credits. Journal entry worksheet 1 Record the allocation of losses to partners on sale of remaining noncash assets. Note: Enter debits before credits. Journal entry worksheet 42345 Record the payment of liquidation expenses. Note: Enter debits before credits. Journal entry worksheet