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 $58,000 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 $ 54,000 84,000 Liabilities Butler, loan 74,000 230,000 Butler, capital (25%) 220,000 $ 662,000 Osman, capital (25%) Ward, capital (50%) Total liabilities and capital $194,000 54,000 170,000 54,000 190,000 $ 662,000 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 $32,000, the building for $174,000, and the land for $216,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $42,000 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.)