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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	$	35,000		Liabilities	$	175,000
Accounts receivable		65,000		Butler, loan		35,000
Office equipment (net)		55,000		Butler, capital (25%)		75,000
Building (net)		135,000		Osman, capital (25%)		35,000
Land		125,000		Ward, capital (50%)		95,000
Total assets	$	415,000		Total liabilities and capital	$	415,000

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 $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