Required information [The following information applies to the questions displayed below.) Complete the following questions by preparing worksheet and journal entries given below. The partnership of Butler, Osman, and Ward was formed several years 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 $42,000 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 38,000 68,000 58,000 150,000 140,000 454,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital 178,000 38,000 90,000 38,000 110,000 454,000 $ $ Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Loss Step one balances Loss Step two balances $ 0 $ 0 $ 0 $ 0 $ 0 $ 0