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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 $$36,000$ are expected. The partnership balance sheet at the

start of liquidation is as follows:

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 $$21,000,$ the building for $$86,000,$ and the land for $$128,000.$

Distributed safe payments of cash.

Paid all liabilities in full.

Paid actual liquidation expenses of $$31,000$ 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.$)$