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The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and...

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Accounting

The partnership of Bauer, Ohtani, and Souza has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time shows the following account balances:
Required:
Part A
Prepare a predistribution plan for this partnership.
Part B
The following transactions occur in liquidating this business:
Distributed safe payments of cash immediately to the partners. Liquidation expenses of $10,000 are estimated as a basis for this computation.
Sold noncash assets with a book value of $112,000 for $66,000.
Paid all liabilities.
Distributed safe payments of cash again.
Sold remaining noncash assets for $60,000.
Paid actual liquidation expenses of $8,000 only.
Distributed remaining cash to the partners and closed the financial records of the business permanently.
Prepare 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.
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