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: 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 parthers. Liquidation expenses of $8.000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $94,000 for $60,000. 3. Paid all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $51,000 6. Paid actual liquidation expenses of $6,000 only. 7. Distributed remaining cash to the partners and closed the financial fecords of the business permanently. Part B The following transactions occur in liquidating this business: 1. Distributed safe payments of cash immediately to the partners. Liquidation expenses of $8,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $94,000 for $60,000. 3. Paid all liabilities: 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $51,000. 6. Paid actual liquidation expenses of $6,000 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. Port 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