Complete the following questions by preparing worksheet and journal entries given below.

The partnership of Butler, Osman, and Ward was formed several years 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 $53,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	49,000		Liabilities	$	189,000
Accounts receivable		79,000		Butler, loan		49,000
Office equipment (net)		69,000		Butler, capital (25%)		145,000
Building (net)		205,000		Osman, capital (25%)		49,000
Land		195,000		Ward, capital (50%)		165,000
Total assets	$	597,000		Total liabilities and capital	$	597,000

The following transactions transpire in chronological order during the liquidation of the partnership:

1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible.
2. Sold the office equipment for $29,500, the building for $154,000, and the land for $196,000.
3. Made safe capital distributions.
4. Paid all liabilities in full.
5. Paid actual liquidation expenses of $39,500 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.)