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 $55,000 are expected The partnership balance sheet at the start of liquidation is as follows Cash $ 51,000 Liabilities $ 191,000 Accounts receivable 81,000 Butler, loan 51,000 Office equipment (net) 71,000 Butler, capital (25 ) 155,000 Building (net) 215,000 Osman, capital (25 ) 51,000 Land 205,000 Ward, capital (50 ) 175,000 Total assets $ 623,000 Total liabilities and capital $ 623,000 A Prepare a predistribution plan for this partnership B The following transactions transpire in chronological order during the liquidation of the partnership Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible Sold the office equipment for $30,500, the building for $162,000, and the land for $204,000 Made safe capital distributions Paid all liabilities in full Paid actual liquidation expenses of $40,500 only Made final cash distributions to the partners Prepare journal entries to record these liquidation transactions

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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

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 $55,000 are expected. The partnership balance sheet at the start of liquidation is as follows:


Cash	$	51,000	Liabilities	$	191,000
Accounts receivable		81,000	Butler, loan		51,000
Office equipment (net)		71,000	Butler, capital (25%)		155,000
Building (net)		215,000	Osman, capital (25%)		51,000
Land		205,000	Ward, capital (50%)		175,000
Total assets	$	623,000	Total liabilities and capital	$	623,000
A. Prepare a predistribution plan for this partnership. B. The following transactions transpire in chronological order during the liquidation of the partnership: Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Sold the office equipment for $30,500, the building for $162,000, and the land for $204,000. Made safe capital distributions. Paid all liabilities in full. Paid actual liquidation expenses of $40,500 only. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions.