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 $51,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	47,000		Liabilities	$	187,000
Accounts receivable		77,000		Butler, loan		47,000
Office equipment (net)		67,000		Butler, capital (25%)		135,000
Building (net)		195,000		Osman, capital (25%)		47,000
Land		185,000		Ward, capital (50%)		155,000
Total assets	$	571,000		Total liabilities and capital	$	571,000

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 $28,500, the building for $146,000, and the land for $188,000.

Distributed safe payments of cash.

Paid all liabilities in full.

Paid actual liquidation expenses of $38,500 only.

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.)