loved Help Save & Suomi March April and May have been in partnership for a number of years. The partners allocate all profits and losses on a 42:2 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: 17 Cash Accounts receivable Inventory Land, buildings and equipment (net) Total asset 01:30 $17.000 LB Les 87.000 March, capital 16,000 April. capital 30.000 Hay, capital $220,000 Totat abilities and capital $ 53,000 34.000 $1,000 52.000 5230,000 Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) a. Sold all inventory for $62,000 cash b. Pald $9.300 in liquidation expenses e Paid $46,000 of the partnership's liabilities. d. Collected $51,000 of the accounts receivable e Distributed sofe payments of cash the partners anticipate no further liquidation expenses. Sold remaining accounts receivable for 35 percent of face value 9. Sold land, building, and equipment for $23.000 n. Pald all remaining liabilities of the partnership 1. Distributed cash held by the business to the partners View transaction lit Journal entry worksheet