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 $71,000	Liabilities $ 39,000
Noncash Assets 291,000	Frick, capital (60%) 177,000
	Wilson, capital (20%) 47,000
	Clarke, capital (20%) 99,000
Total assets $362,000	Total liabilities and capital $362,000

A. Prepare a predistribution plan for this partnership

	Frick, Capital	Wilson, Capital	Clarke, Capital
Beg. Balances
Loss
Step one balances
Loss
Step two balances
Loss
Step three balances

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 $118,000 for $71,000.
3. Paid all liabilities.
4. Distributed cash based on safe capital balances again.
5. Sold remaining noncash assets for $63,000.
6. Paid actual liquidation expenses of %7,000 only.
7. Distributed remaining cash to the partners and closed the financial record of the business permanently.

Produce a final statement of liquidation for this partnership using the pre-distribution plan to determine payments of cash to partners based on safe capital balances.