Required information [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 $44,000 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 $ 40,000 70,000 60,000 160,000 150,000 Liabilities Butler, loan $ 180,000 Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) 40,000 100,000 40,000 120,000 $ 480,000 Total liabilities and capital $ 480,000 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 $25,000, the building for $118,000, and the land for $160,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $35,000 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.)