The partnership of Frick, Wilson, and Clarke has elected tocease all operations and liquidate its business property. A balancesheet 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 partnershipPart B The following transactions occur in liquidating thisbusiness: Distributed cash based on safe capital balancesimmediately to the partners. Liquidation expenses of $9,000 areestimated as a basis for this computation. Sold noncash assets witha book value of $88,000 for $60,000. Paid all liabilities.Distributed cash based on safe capital balances again. Soldremaining noncash assets for $48,000. Paid actual liquidationexpenses of $7,000 only. Distributed remaining cash to the partnersand closed the financial records of the business permanently.Produce a final statement of liquidation for this partnership usingthe predistribution plan to determine payments of cash to partnersbased on safe capital balances. Part C Prepare journal entries torecord the liquidation transactions reflected in the finalstatement of liquidation.Complete this question by entering youranswers in the tabs below. Required ARequired BRequired C Preparejournal entries to record the liquidation transactions reflected inthe final statement of liquidation. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.) Journal entry worksheet Record the entry forinitial cash payments made to partners in accordance withpredistribution plan. Note: Enter debits before credits.Transaction General Journal Debit Credit 1