< Back 7.2/10 This window shows your responses and what was marked correct and incorrect from your previous attempt. Cash $ 51,000 1 Accounts receivable Inventory 118,000 Liabilities Rodgers, loan 137,000 Wingler, capital (308) Land 103,000 Norris, capital (10%) Building and equipment (net) 186,000 Rodgers, capital (208) Guthrie, capital (40%) Total assets $595,000 Total liabilities and capital points awarded Scored $ 61,000 71,000 174,000 124,000 92,000 73,000 $595,000 When the liquidation commenced, liquidation expenses of $14,000 were anticipated as being necessary to dispose of all property. 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 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $168,000. 3. Made safe capital distributions. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $93,000. 7. Made safe capital distributions again. 8. Paid 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 journal entries to record these liquidation transactions.