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 $47,000 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 $ 43,000 Liabilities 73,000 Butler, loan 63,000 Butler, capital (254) 175,000 Osman, capital (254) 165,000 Ward, capital (50%) $519,000 Total liabilities and capital $ 183,000 43,000 115,000 43,000 135,000 $519,000 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 $26,500, the building for $130,000, and the land for $172,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $36,500 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.) Answer is not complete. No Credit General Journal Transaction 1 1 Butler, capital Osman, capital Ward, capital Butler, loan Cash Dobit 29,575X 29,575 X 59,150 X 43,000 219,500 X