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 Noncash assets $ 64,000 261,000 Liabilities Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) $ 38,000 156,000 42,000 89,000 Total assets $325,000 Total liabilities and capital $325,000 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.) View transaction list 1 Recuru le entry Tor Inicial Casil payments due to partners in accordance with predistribution plan. 2 Record the allocation of losses to partners on sale of noncash assets. dance 3 Record the extinguishment of all partnership liabilities. 4 Record the entry for cash payments made to partners in accordance with predistribution plan. Credit 5 Record the allocation of losses to partners on sale of remaining noncash assets. 6 Record the payment of liquidation expenses. Note : = journal entry has been entered Record entry Clear entry View general journal 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 Noncash assets $ 64,000 261,000 Liabilities Frick, capital (60%) Wilson, capital (20%) Clarke, capital (20%) $ 38,000 156,000 42,000 89,000 Total assets $325,000 Total liabilities and capital $325,000 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.) View transaction list 1 Recuru le entry Tor Inicial Casil payments due to partners in accordance with predistribution plan. 2 Record the allocation of losses to partners on sale of noncash assets. dance 3 Record the extinguishment of all partnership liabilities. 4 Record the entry for cash payments made to partners in accordance with predistribution plan. Credit 5 Record the allocation of losses to partners on sale of remaining noncash assets. 6 Record the payment of liquidation expenses. Note : = journal entry has been entered Record entry Clear entry View general journal