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 $ 69,000 Liabilities $ 40,000 Noncash assets 279,000 Frick, capital (60%) 168,000 Wilson, capital (20%) 45,000 Clarke, capital (20%) 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: Distributed safe payments of cash 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 $114,000 for $69,000. Paid all liabilities. Distributed safe payments of cash again. Sold remaining noncash assets for $61,000. Paid actual liquidation expenses of $5,000 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