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: 7.2/10 points awarded Cash Accounts receivable Inventory Land Building and equipment (net) $ 51,000 118,000 137,000 103,000 186,000 Scored Liabilities Rodgers, loan Wingler, capital (30%) Norris, capital (10%) Rodgers, capital (20%) Guthrie, capital (408) Total liabilities and capital $ 61,000 71,000 174,000 124,000 92,000 73,000 $ 595,000 Total assets $595,000 When the liquidation commenced, liquidation expenses of $14,000 were anticipated as being necessary to dispose of all property. Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $168,000. 3. Made safe capital distributions. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $93,000. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 7.2/10 bolnts awarded 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $168,000. 3. Made safe capital distributions. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $93,000. 7. Made safe capital distributions again. 8. Paid actual liquidation expenses of $8,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Scored Prepare journal entries to record these liquidation transactions. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these liquidation transactions. (Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) General Journal Credit No 1 Transaction 01 Debit 94,400 Cash OP 15 TS A