! Required information Problem 10-33 (Algo) (LO 15-2, 15-7) [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 $56,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash $ Accounts receivable 52,000 82,000 Liabilities Butler, loan Office equipment (net) 72,000 Building (net) 220,000 Land Total assets 210,000 $ 636,000 Butler, capital (25%) Osman, capital (25%) Ward, capital (50%). Total liabilities and capital $ 192,000 52,000 160,000 52,000 180,000 $ 636,000 Problem 10-33 Part B 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 $31,000, the building for $166,000, and the land for $208,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $41,000 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 journal entry required" in the first account field.)