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	$	66,000		Liabilities	$	46,000
Noncash assets		231,000		Frick, capital (60%)		135,000
				Wilson, capital (20%)		37,000
				Clarke, capital (20%)		79,000
Total assets	$	297,000		Total liabilities and capital	$	297,000

Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation.

• 1 Record the entry for initial cash payments made to partners in accordance with predistribution plan.

• 2 Record the allocation of losses to partners on sale of noncash assets.

• 3 Record the extinguishment of all partnership liabilities.

• 4 Record the entry for cash payments made to partners in accordance with predistribution plan.

• 5 Record the allocation of losses to partners on sale of remaining noncash assets.

• 6 Record the payment of liquidation expenses.

• 7 Record the entry for final cash payments made to partners based on ending capital balances.

***Please number the journal entries, thanks!