Required information

Problem $15-33($Algo$)($LO $15-2,15-7)$

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The partnership of Garcia, Iglesias, and Kassabian 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 $$41,000$ 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

$\backslash$table$[[$$$37,000$