[The following Information applies to the questions displayed below.] The partnership of Garcia, Iglesias, and Kassablan 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 $48,000 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 Liabilities Garcia, loan $ 44,000 $ 184,000 74,000 44,000 64,000 180,000 170,000 Garcia, capital (25%) Iglesias, capital (25%) Kassabian, capital (50%) 120,000 44,000 140,000 $ 532,000 Total 11abilities and capital $532,000 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 $27,000, the building for $134,000, and the land for $176,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $37,000 only. 6. Made final cash distributions to the partners. Required: Prepare journal entries to record these liquidation transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account field. Required: Prepare journal entries to record these liquidation transactions. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction let Journal entry worksheet < A B C D E F Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Note: Enter debits before credits Transaction General Journal Debit Credit A Record entry Clear entry View general journal