The partnership of Wingler, Norris, Rodgers, and Guthrie 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: ed Cash $ 33,000 Accounts receivable Inventory Land 100,000 119,000 Liabilities Rodgers, loan. Wingler, capital (30%) $ 70,000 53,000 147,000 94,000. Norris, capital (10%) 106,000 ok Building and equipment (net) 177,000 Rodgers, capital (20%) 83,000 Guthrie, capital (40%) 64,000 t ces Total assets $523,000 Total liabilities and capital $523,000 When the liquidation commenced, liquidation expenses of $15,000 were anticipated as being necessary to dispose of all property. Part A Prepare a predistribution plan for this partnership. Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 1. Collected 90 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $159,000. 3. Distributed safe payments of cash. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions. 5. Paid all liabilities. 6. Sold all inventory for $78,000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $9,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent.