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	$ 60,000		Liabilities	$ 43,000
Noncash assets	201,000		Frick, capital (60%)	117,000
			Wilson, capital (20%)	32,000
			Clarke, capital (20%)	69,000
Total assets	$261,000		Total liabilities and capital	$261,000

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 $88,000 for $60,000.
3.	Paid all liabilities.
4.	Distributed cash based on safe capital balances again.
5.	Sold remaining noncash assets for $48,000.
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.

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. (Do not round intermediate calculations.)

Part C

Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)