The partnership of Wing, Mehta, Rodgers, and Yan was formed several years ago as a local architectural firm. Several partners have recently undergone personal financial problems and have decided to terminate operations and liquidate the business. The following balance sheet is drawn up as a guideline for this process: Cash Accounts receivable Inventory Land Building and equipment (net) Total assets Liabilities Rodgers, loan $ 43,000 110,000. 129,000 Wing, capital (30%) 99,000 Mehta, capital (10%) 182,000 Rodgers, capital (20%) Yan, capital (40%) $ 563,000 Total 11abilities and capital $ 53,000 63,000 162,000 116,000 88,000 81,000 $ 563,000 When the liquidation commenced, liquidation expenses of $23,000 were anticipated as being necessary to dispose of all property. Required: Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wing. Mehta, Rodgers, and Yan partnership: 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $164,000 3. Distributed safe payments of cash. 4. Learned that Yan, who has become personally Insolvent, will make no further contributions. 5. Paid all liabilities. 6. Sold all Inventory for $72,000 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $14,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Yan are personally solvent Prepare journal entries to record these liquidation transactions. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Part A Part B Prepare a predistribution plan for this partnership. Note: Do not round intermediate calculations. Wing. Mehta, Capital Capital Rodgers, Loan and Capital Yan, Capital Beginning balances Assumed loss of Schedule 1 Step one balances S 0 Assumed loss of Schedule 2 Step two balances S 0 S S 0 $ 0 $ 0 0 $ 0 $ 0 Assumed loss of Schedule 3 Step three balances S 0 $ 0 $ $ 0 Complete this question by entering your answers in the tabs below. Part A Part B Prepare journal entries to record these liquidation transactions. Note: Do not round intermediate calculations. Round your final answers to the nearest dollar amounts. If particular transaction/event, select "No journal entry required" in the first account field. View transaction let Journal entry worksheet A B C D E F G H Record the cash received from accounts receivable. Note: Enter debits before credits. Transaction 01 General Journal Debit Credit Record entry Clear entry View general journal