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31. Part A The partnership of Wingler, Norris, Rodgers, and Guthrie was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: 74,000 15,000 Liabilities Cash 35,000 82,000 Rodgers, loan Accounts receivable 120,000 101,000 Wingler, capital (30%) Inventory 88,000 Norris, capital 10%) 85,000 Land 74,000 Rodgers, capital (20%) Building and 60,000 168,000 Guthrie, capital (40%) equipment (net $451,000 Total liabilities and capital $451,000 Total assets When the liquidation commenced, expenses of $16,000 were anticipated as being necessary to dispose of all property. partnership. Prepare a predistribution plan for this Part B liquidation of the Wingler, Norris, Rodgers, The following transactions transpire during the and Guthrie partnership: uncollectible. 1. Collected 80 percent of the total accounts receivable with the rest judged to be 2. Sold the land, building, and equipment for $150,000. 3. Made safe capital distributions. insolvent, will make no further 4. Learned that Guthrie, who has become personally contributions. 5. Paid all liabilities