Paragraph Styles March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 4:2:2 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: Cash Accounts receivable Inventory $ 31,000 Liabilities $108,000 Land, building, and equipment (net) 124,000 March, capital 100,000 April, capital 73,000 May, capital 59,000 95,000 66,000 Total assets $328,000 Total liabilities and capital $328,000 Prepare journal entries for the following transactions: a. Sold all inventory for $76,000 cash. b. Paid $13,500 in liquidation expenses. c. Paid $60,000 of the partnership's liabilities. d. Collected $76,000 of the accounts receivable. e. Distributed safe payments of cash; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 20 percent of face value. g. Sold land, building, and equipment for $37,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. I Shakeisha is logged in. Press Ctrl+L to lock workstation