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	$ 51,000		Liabilities	$ 37,000
Noncash assets	183,000		Frick, capital (60%)	105,000
			Wilson, capital (20%)	29,000
			Clarke, capital (20%)	63,000
Total assets	$234,000		Total liabilities and capital	$234,000

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 $10,000 are estimated as a basis for this computation.
2.	Sold noncash assets with a book value of $82,000 for $51,000.
3.	Paid all liabilities.
4.	Distributed cash based on safe capital balances again.
5.	Sold remaining noncash assets for $45,000.
6.	Paid actual liquidation expenses of $8,000 only.
7.	Distributed remaining cash to the partners and closed the financial records of the business permanently.