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 $ 63,000 Liabilities $ 37,000 Noncash assets 255,000 Frick, capital (60%) 153,000 Wilson, capital (20%) 41,000 Clarke, capital (20%) 87,000 Total assets $ 318,000 Total liabilities and capital $ 318,000 Part A Prepare a predistribution plan for this partnership Part B The following transactions occur in liquidating this business: Distributed cash based on safe capital balances immediately to the partners. Liquidation expenses of $7,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $106,000 for $63,000. Paid all liabilities. Distributed cash based on safe capital balances again. Sold remaining noncash assets for $57,000. Paid actual liquidation expenses of $5,000 only. Distributed remaining cash to the partners and closed the financial records of the business permanently.