3 Part 1 of 2 Required information [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $52,000 are expected. The partnership balance sheet at the start of liquidation is as follows: 3.33 points Skipped Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 48,820 78,888 69.680 288,888 190.680 $ 584,680 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (58) Total liabilities and capital $ 188,eee 48,888 148.ee 48,888 160.00 $ 584,080 eBook Print The following transactions transpire in chronological order during the liquidation of the partnership: References 1. Collected 90 percent of the accounts recelvable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $29,000, the building for $150,000, and the land for $192.000. 3. Distributed safe payments of cash. 4. Pald all liabilities in full. 5. Pald actual liquidation expenses of $39.000 only. 6. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction Mat Journal entry worksheet Paid actual liquidation expenses of 539,000 only. Note: Enter debits before credits General Journal Debit Credit Transaction 5 5 Record entry Clear entry View general Journal Journal entry worksheet 1 2 3 4 5 8 Made final cash distributions to the partners. Note: Enter debits before credits General Journal Debit Credit Transaction 6 Record entry Clear entry View general Journal