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 $51,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable office equipment (net) Building (net) Land $ 47,000 77,000 67,000 195,000 185,000 $571,000 Liabilities Butler, loan Butler, capital (25%) Osman, capital (25%) Ward, capital (50%) Total liabilities and capital $ 187,000 47,000 135,000 47,000 155,000 $571,000 Total assets 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 $28,500, the building for $146,000, and the land for $188,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $38,500 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.) View transaction list Journal entry worksheet Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal