WORK 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 focal tox preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business Liquidation expenses of $37,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable office equipment (net) Building (net) Land Total asset $ 33,000 63.000 53.000 125,000 115,000 $ 389.000 Liabilities Butler, loan Mutler, capital (25) Osman, capital (258) Ward, capital (508) Totat liabilities and capital $-373.000 33,000 65,000 33,000 85,000 309,000 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 $21,500, the building for $90,000, and the land for $132,000 3. Distributed safe payments of cash. 4. Pald all tobilities in full 5. Pald actual liquidation expenses of $31,500 only 6. Made final cash distributions to the partners. Proporc Journal entries to record these liquidation transactions. If no entry is required for a transaction event, select "No Journal entry required" in the first account field.) View transaction lit Required information View transaction list Journal entry worksheet Sold the office equipment for $21,500, the building for $90,000, and the land for $132,000. Note: Enter debits before credits. Transaction General Journal Dobit Credit 2 Record entry Clear entry View general journal 0 Required information View transaction list Journal entry worksheet Made final cash distributions to the partners. Note: Enter debits before credits. General Journal Transaction 6 Debit Credit Record entry Clear entry View general journal 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 $37,000 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 $ 33,000 63,000 53,000 125,000 115,000 $ 389,000 Liabilities Butler, loan Butler, capital (25) Osman, capital (258) Ward, capital (505) Total liabilities and capital $ 173,000 33,000 65,000 33,000 85,000 $ 389,000 Prepare a predistribution plan for this partnership Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Assumed loss of Schedule 1 Step one balances Assumed loss of Schedule 2 Step two balances
