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 $ 61,000 Liabilities $ 44,000 Noncash assets 213,000 Frick, capital (60%) 123,000 Wilson, capital (20%) 34,000 Clarke, capital (20%) 73,000 Total assets $ 274,000 Total liabilities and capital $ 274,000 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 $92,000 for $61,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $50,000. 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.