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Required information [The following information applies to the questions displayed below.) The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $39,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable Office equipment (net) Building (net) Land Total assets $ 35, eee 65,000 55, eee 135,000 125, eee $ 415, eee Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital $ 175,00 35,000 75,888 35,800 95, eee $ 415, eee The following transactions transpire in chronological order during the liquidation of the partnership: The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $22,500, the building for $98,000, and the land for $140,000 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $32,500 only. 6. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions. (If no entry is required for a transaction/event, select "No journa entry required" in the first account field.) View transaction list View transaction list 1 Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2 Sold the office equipment for $22,500, the building for $98,000, and the land for $140,000. 3 Distributed safe payments of cash. 4 Paid all liabilities in full. 5 Paid actual liquidation expenses of $32,500 only. 6 Made final cash distributions to the partners.