The following transactions transpire in chronological order during the liquidation of the partnership: Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. Sold the office equipment for $20,000, the building for $80,000, and the land for $120,000. Distributed safe payments of cash. Paid all liabilities in full. Paid actual liquidation expenses of $30,000 only. 

Made final cash distributions to the partners.