{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 $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 $ 40,000 Liabilities 70,000 Butler, loan 60,000 Butler, capital (253) 160,000 Osman, capital (253) 150,000 Ward, capital (50%) Total liabilities and $ 480,000 capital $180,000 40,000 100,000 40,000 120,000 $ 480,000 Total assets Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Loss S 0 $ S 0 Step one balances Loss Step two balances S 0 0 $ 0 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. Made safe capital distributions. 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.) 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. Transaction General Journal Debit Credit 1 {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 $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 $ 40,000 Liabilities 70,000 Butler, loan 60,000 Butler, capital (253) 160,000 Osman, capital (253) 150,000 Ward, capital (50%) Total liabilities and $ 480,000 capital $180,000 40,000 100,000 40,000 120,000 $ 480,000 Total assets Prepare a predistribution plan for this partnership. Butler, Loan and Capital Osman, Capital Ward, Capital Beginning balances Loss S 0 $ S 0 Step one balances Loss Step two balances S 0 0 $ 0 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. Made safe capital distributions. 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.) 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. Transaction General Journal Debit Credit 1