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 $52,000 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 $ 48,000 78,000 68,000 Liabilities Butler, loan $ 188,000 48,000 Butler, capital (25%) 140,000 200,000 Osman, capital (25%) 48,000 190,000 Ward, capital (sex) 160,000 $ 584,000 Total liabilities and capital $ 584,000 The following transactions transpire in chronological order during the liquidation of the partnership