Problem 15-27 (LO 15-2) 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 hopes of remedying their personal financial problems. As of September 1, the partnership's balance sheet is as follows: Cash Accounts receivable Inventory Land, building, and equipment (net) Total assets $ 28,000 118,000 97,000 64,000 $ 307,000 Liabilities March, capital April, capital May, capital Total liabilities and capital $ 110,000 42,000 92,000 63,000 $ 307,000 Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Sold all inventory for $73,000 cash. b. Paid $12,600 in liquidation expenses. c. Paid $57,000 of the partnership's liabilities. d. Collected $68,000 of the accounts receivable. e. Distributed safe cash balances; the partners anticipate no further liquidation expenses. f. Sold remaining accounts receivable for 25 percent of face value. g. Sold land, building, and equipment for $34,000. h. Paid all remaining liabilities of the partnership. i. Distributed cash held by the business to the partners. X Record the sale of inventory. 2 Record the cash paid for liquidation expenses. 3 Record the settlement of liabilities. 4 Record the cash received from accounts receivables. 5 Record the distribution of safe cash to partners. 6 Record the cash received from balance accounts receivables. 7 Record the distribution of cash received from sale proceeds of land, building and equipments. 8 Record the settlement of balance liabilities. 9 Record the distribution of cash in hand to partners