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 $$36,000$ are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash $ $32,000$ Liabilities $ $172,000$

Accounts receivable $62,000$ Garcia, loan $32,000$

Office equipment $($net$)52,000$ Garcia, capital $(25\%)60,000$

Building $($net$)120,000$ Iglesias, capital $(25\%)32,000$

Land $110,000$ Kassabian, capital $(50\%)80,000$

Total assets $ $376,000$ Total liabilities and capital $ $376,000$

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 $$21,000,$ the building for $$86,000,$ and the land for $$128,000.$

Distributed safe payments of cash.

Paid all liabilities in full.

Paid actual liquidation expenses of $$31,000$ only.

Made final cash distributions to the partners.

Required:

Prepare journal entries to record these liquidation transactions.