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 $ 79,000 Liabilities $ 44,000 Noncash assets 315,000 Frick, capital (60%) 192,000 Wilson, capital (20%) 51,000 Clarke, capital (20%) 107,000 Total assets $ 394,000 Total liabilities and capital $ 394,000 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 $9,000 are estimated as a basis for this computation. Sold noncash assets with a book value of $126,000 for $79,000. Paid all liabilities. Distributed cash based on safe capital balances again. Sold remaining noncash assets for $67,000. Paid actual liquidation expenses of $7,000 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 based on safe capital balances. Part C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.