March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 2:3:1 basis, respectively. Recently, each partner has become personally insolvent and, thus, the partners have decided to liquidate the business in hope of remedying their personal financial problems. As of September 1, the partnerships balance sheet is as follows: Cash $11,000 Liabilities $61,000 Accounts receivable 84,000 March, capital 25,000 Inventory 74,000 April, capital 75,000 Land, building, and equipment (net) 38,000 May, capital 46,000 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total assets $ 207,000 Total liabilities and capital $ 207,000 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Prepare journal entries for the following transactions (Do not round intermediate calculations except the $ values which should be rounded to the nearest dollar amount. Omit the "$" sign in your response): a. Sold all inventory for $56,000 cash. b. Paid $7,500 in liquidation expenses. c. Paid $40,000 of the partnerships liabilities. d. Collected $45,000 of the accounts receivable. e. Distributed safe cash balances; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 30 percent of face value. g. Sold land, building, and equipment for $17,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners