2 The partnership of Wingler, Norris. Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: 8.33 points Skipped Cash Accounts receivable Inventory Land Building and equipment (net) $ 23,880 99,880 189,880 89.889 172,Bee Liabilities Rodgers, loan Wingler, capital (386) Norris, capital (18x) Rodgers, capital (20%) Guthrie, capital (48%) Total liabilities and capital $ 78,eee 43,eee 132.ee 96.ece 78,000 56,eee $483,eee eBook Total assets $483,680 Print When the liquidation commenced, liquidation expenses of $11.000 were anticipated as being necessary to dispose of all property. 0 Reference: Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 1. Collected 85 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $154,000. 3. Distributed safe payments of cash. 4. Learned that Guthrie, who has become personally Insolvent, will make no further contributions. 5. Pald all liabilities 6. Sold all Inventory for $75.000. 7. Distributed safe payments of cash again. 8. Pald actual liquidation expenses of $8.000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Prepare joumal entries to record these liquidation transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a predistribution plan for this partnership. (Do not round intermediate calculations.) Wingler, Norris Rodgers Loan and Guthrie, Capital Capital Capital Capital Beginning balances Assumed loss of Schedule 1 Step one balances S 0 S 0 S ols 0 Assumed loss of Schedule 2 Step two balances S 0 s 0 s 0 s 0 Assumed loss of Schedule 3 Step three balances S S 0 s os 0 0 Required A Required B > Required A Required B Prepare journal entries to record these liquidation transactions. Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) View transaction llat Journal entry worksheet 2 3 1 4 5 6 7 8 9 8 10 Record the cash received from accounts receivable and loss allocated to partners. Note: Enter debits before credits General Journal Debit Credit Transaction 01 Record entry Clear entry View general Journal Record Guthrie's insolvency. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 3 7 8 9 10 Record the settlement of all liabilities. Note: Enter debits before credits. General Journal Debit Credit Transaction 05 Record entry Clear entry View general Journal Journal entry worksheet Required A Required B Prepare journal entries to record these liquidation transactions. Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required in the first account field.) View transaction llat Journal entry worksheet 2 3 1 4 5 6 7 8 9 8 10 Record the cash received from accounts receivable and loss allocated to partners. Note: Enter debits before credits General Journal Debit Credit Transaction 01 Record entry Clear entry View general Journal Record Guthrie's insolvency. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 3 7 8 9 10 Record the settlement of all liabilities. Note: Enter debits before credits. General Journal Debit Credit Transaction 05 Record entry Clear entry View general Journal Journal entry worksheet