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: $ 45,000 112,000 Liabilities Rodgers, loan 131,000 Wingler, capital (30%) Cash Accounts receivable Inventory Land 100,000 Norris, capital (10%) Building and equipment (net) 183,000 Rodgers, capital (20%) Guthrie, capital (40%) Total assets $571,000 Total liabilities and capital $ 64,000 65,000 165,000 118,000 89,000 70,000 $571,000 When the liquidation commenced, liquidation expenses of $18,000 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 $165,000. 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 $75,000. 7. Distributed safe payments of cash again. 8. Paid actual liquidation expenses of $12,000 only. 9. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent. Prepare journal entries to record these liquidation transactions. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a predistribution plan for this partnership. (Do not round intermediate calculations.) Beginning balances Wingler, Norris, Capital Capital Rodgers, Loan and Capital Guthrie, Capital $ 45,000 $45,000 $45,000 $ 45,000 Assumed loss of Schedule 1 Step one balances $ 45,000 $ 45,000 $ 45,000 $ 45,000 Assumed loss of Schedule 2 Step two balances $ 45,000 $ 45,000 $ 45,000 $ 45,000 Assumed loss of Schedule 3 Step three balances $ 45,000 $ 45,000 $ 45,000 $ 45,000 Required A Required B >