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 $50,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	46,000		Liabilities	$	186,000
Accounts receivable		76,000		Butler, loan		46,000
Office equipment (net)		66,000		Butler, capital (25%)		130,000
Building (net)		190,000		Osman, capital (25%)		46,000
Land		180,000		Ward, capital (50%)		150,000
Total assets	$	558,000		Total liabilities and capital	$	558,000

Prepare a distribution plan for this partnership