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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 $56,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	52,000		Liabilities	$	192,000
Accounts receivable		82,000		Butler, loan		52,000
Office equipment (net)		72,000		Butler, capital (25%)		160,000
Building (net)		220,000		Osman, capital (25%)		52,000
Land		210,000		Ward, capital (50%)		180,000
Total assets	$	636,000		Total liabilities and capital	$	636,000

The following transactions transpire in chronological order during the liquidation of the partnership:

Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible.

Sold the office equipment for $31,000, the building for $166,000, and the land for $208,000.

Distributed safe payments of cash.

Paid all liabilities in full.

Paid actual liquidation expenses of $41,000 only.

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.)

(x) Answer is not complete. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow{6}{*}{\begin{tabular}{l} No \\ 1 \end{tabular}} & Transaction & \multicolumn{2}{|c|}{ General Journal } & Debit & Credit \\ \hline & 1 & Cash & 2 & 73,800 & \\ \hline & & Butler, capital & 2 & 2,050 & \\ \hline & & Osman, capital & 2 & 2,050 & \\ \hline & & Ward, capital & 2 & 4,100 & \\ \hline & & Accounts receivable & 2 & & 82,000 \\ \hline \multirow[t]{7}{*}{2} & 2 & Cash & 2 & 405,000 & \\ \hline & & Butler, capital & 2 & 24,250 & \\ \hline & & Osman, capital & 2 & 24,250 & \\ \hline & & Ward, capital & 2 & 48,500 & \\ \hline & & Office equipment (net) & 2 & & 72,000 \\ \hline & & Building (net) & 2 & & 220,000 \\ \hline & & Land & 2 & & 210,000 \\ \hline \multirow[t]{5}{*}{3} & 3 & Butler, capital & 2 & & \\ \hline & & Osman, capital & 2 & & \\ \hline & & Ward, capital & 2 & & \\ \hline & & Butler, loan & 2 & 52,000 & \\ \hline & & Cash & 2 & & 230,800x \\ \hline 4 & 4 & No journal entry required & & & \\ \hline \multirow[t]{4}{*}{5} & 5 & Butler, capital & 2 & 10,250 & \\ \hline & & Osman, capital & 2 & 10,250 & \\ \hline & & Ward, capital & 2 & 20,500 & \\ \hline & & Cash & 2 & & 41,000 \\ \hline \multirow[t]{4}{*}{6} & 6 & Butler, capital & 2 & 4,183 & \\ \hline & & Osman, capital & 2 & 2,450 & \\ \hline & & Ward, capital & 2 & 8,367 & \\ \hline & & Cash & 2 & & 15,000 \\ \hline \end{tabular}