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 Noncash assets 177,000 Frick, capital (60) $ 48,000 iabilities 35,000 101,000 28,000 61,000 $225,000 Wilson, Clarke, capital capital (20%) (20%) Total assets $225,000 Total liabilities and capital Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business: 1 Distributed cash based on safe capital balances immediately to the partners. Liquidation expenses of $9,000 are estimated as a basis for this computation. 2. Sold noncash assets with a book value of $80,000 for $48,000. 3. Paid all liabilities. 4. Distributed cash based on safe capital balances again. 5. Sold remaining noncash assets for $44,000 6. Paid actual liquidation expenses of $7,000 only. 7. Distributed remaining cash to the partners and closed the financial records of the business permanently