The partnership of Garcia, Iglesias, and Kassabian 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 $$41,000$ are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash $ $37,000$ Liabilities $ $177,000$

Accounts receivable $67,000$ Garcia, loan $37,000$

Office equipment $($net$)57,000$ Garcia, capital $(25\%)85,000$

Building $($net$)145,000$ Iglesias, capital $(25\%)37,000$

Land $135,000$ Kassabian, capital $(50\%)105,000$

Total assets $ $441,000$ Total liabilities and capital $ $441,000$

Problem $15-33$ Part B

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 $$23,500,$ the building for $$106,000,$ and the land for $$148,000.$

Distributed safe payments of cash.

Paid all liabilities in full.

Paid actual liquidation expenses of $$33,500$ only.

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.

A$-$Collected $90$ percent of the accounts receivable and wrote the remainder off as uncollectible.

B$-$Sold the office equipment for $$23,500,$ the building for $$106,000,$ and the land for $$148,000.$

C$-$Distributed safe payments of cash.

D$-$Paid all liabilities in full.

E$-$Paid actual liquidation expenses of $$33,500$ only.

F$-$Made final cash distributions to the partners.