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p 15_33 0 Saved Help Required information [The following information applies to the questions displayed below] Part1 of2 _ Complete the following questions by preparing worksheet andjournal entries given below. 5 The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have points reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $56,000 are expected. The partnership balance sheet at the start of liquidation is as follows: eBook Cash 5 52,000 Liabilities $ 192,000 print Accounts receivable 82 , 000 Butler, loan 52 , 000 Office equipment (net) 72,000 Butler, capital (25%) 160,000 References Building (net) 220,000 Osman, capital (25%) 52,000 Land 210,000 Ward, capital (50%) 180,000 Total assets 5 636,000 Total liabilities and capital 5 636,000 I k 1 Prepare a predistribution plan for this partnership. Beginning balances Step one balances $ 0 $ 0 $ 0 Step two balances $ 0 $ 0 $ 0 Part2of2 5 points eBook Print References Saved Required information Journal entry worksheet Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Note: Enter debits before credits. Record entry Clear entry View general journal 2 Required information Part 2 of 2 Journal entry worksheet 2 3 4 5 6 5 points Sold the office equipment for $31,000, the building for $166,000, and the land for $208,000. eBook Print Note: Enter debits before credits. References Transaction General Journal Debit Credit 2 Record entry Clear entry View general journalpoints eBook Print References Required information Journal entry worksheet Made safe capital distributions. Note: Enter debits before credits. Record entry Clear entry View general journal Part2 of2 5 points eBook Print References Required information Journal entry worksheet Paid all liabilities in full. Note: Enter debits before credits. Record entry Clear entry View general journal 2 0Required information Journal entry worksheet Part 2 of 2 5 points Paid actual liquidation expenses of $41,000 only. eBook Note: Enter debits before credits. Print References Record entry Clear entry View general journal 2 Required information Part 2 of 2 Journal entry worksheet 1 2 3 4 5 LLLLLLLLLY 6 5 points Made final cash distributions to the partners. eBook Print Note: Enter debits before credits. References Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal