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: Liabilities Cash Noncash assets $ 69,000 279,000 $ 40,000 Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) 168,000 45,000 95,000 Total assets $348,000 Total liabilities and capital $348,000 Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: 1. Distributed safe payments of cash immediately to the partners. Liquidation expenses of $7,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $114,000 for $69,000. 3. Paid all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $61,000. 6. Paid actual liquidation expenses of $5,000 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. 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. Required A Required B Required C Prepare a predistribution plan for this partnership. Frick, Wilson, Clarke, Capital Capital Capital Beginning balances Assumed loss of Schedule 1: Step one balances 0 0 0 Assumed loss of Schedule 2 Step two balances 0 0 Assumed loss of Schedule 3