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: Part A Prepare a predistribution plan for this partnership. Part B The following transactions occur in liquidating this business: 1. Distributed safe payments of cash 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 $98,000 for $66,000. 3. Paid all liabilities. 4. Distributed safe payments of cash again. 5. Sold remaining noncash assets for $53,000. 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. Produce a final statement of liquidation for this partnership using the predistribution plan to determine payments of cash to partners. Part C Prepare journal entries to record the liquidation transactions reflected in the final statement of liquidation. Prepare a predistribution plan for this partnership. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{11}{|c|}{ FRICK, WILSON, AND CLARKE } \\ \hline \multicolumn{11}{|c|}{ Statement of Partnership Liquidation } \\ \hline \multicolumn{11}{|c|}{ Final Balances } \\ \hline & \multicolumn{2}{|c|}{ Cash } & \begin{tabular}{l} Noncash \\ Assets \end{tabular} & Liabilities & \multicolumn{2}{|c|}{\begin{tabular}{c} Frick, Capital \\ (60%) \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Wilson, \\ Capital \\ (20%) \end{tabular}} & \multicolumn{2}{|c|}{\begin{tabular}{l} Clarke, \\ Capital \\ (20%) \end{tabular}} \\ \hline Beginning balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & & 79,000 \\ \hline \multicolumn{11}{|l|}{ Distribution } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|l|}{ Noncash assets sold } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|l|}{ Liabilities paid } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|c|}{ First (remainder of first distribution) } \\ \hline \multicolumn{11}{|l|}{ Next } \\ \hline \multicolumn{11}{|l|}{ Next } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|l|}{ Noncash assets sold } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|c|}{ Liquidation expenses paid } \\ \hline Updated balances & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \multicolumn{11}{|c|}{ Final distribution based on ending capital account balances } \\ \hline Ending balance & $ & 66,000 & $231,000 & $46,000 & $ & 135,000 & $ & 37,000 & $ & 79,000 \\ \hline \end{tabular}