The following information applies to the questions displayed below.$]$The partnership of Garcia, Iglesias, and Kassabian 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 $$44,000$ are expected. The partnership balance sheet at the start of liquidation is as follows:Cash$ $40,000$Liabilities$ $180,000$Accounts receivable$70,000$Garcia, loan$40,000$Office equipment $($net$)60,000$Garcia, capital $(25\%)100,000$Building $($net$)160,000$Iglesias, capital $(25\%)40,000$Land$150,000$Kassabian, capital $(50\%)120,000$Total assets$ $480,000$Total liabilities and capital$ $480,000$The following transactions transpire in chronological order during the liquidation of the partnership:$1$Collected $90$ percent of the accounts receivable and wrote the remainder off as uncollectible$\mathrm{.}2$Sold the office equipment for $$25,000,$ the building for $$118,000,$ and the land for $$160,000\mathrm{.}3$Distributed safe payments of cash$\mathrm{.}4$Paid all liabilities in full$\mathrm{.}5$Paid actual liquidation

$\backslash$table$[[$No$,$Transaction,,,Debit,Credit$],[$A$,1,$Cash,$,68,400,],[,$Garcia, capital,$,7,600,],[$Assessment Tool iFrame apital,$,,76,000$expenses of $$35,000$ only$\mathrm{.}6$Made final cash distributions to the partners.

Required:Prepare journal entries to record these liquidation transactions.