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: Cash $ 37,000 Liabilities $ 68,000 Accounts receivable 104,000 Rodgers, loan 57,000 Inventory 123,000 Wingler, capital (30%) 153,000 Land 96,000 Norris, capital (10%) 110,000 Building and equipment (net) 179,000 Rodgers, capital (20%) 85,000 Guthrie, capital (40%) 66,000 Total assets $ 539,000 Total liabilities and capital $ 539,000 When the liquidation commenced, liquidation expenses of $21,000 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: Collected 85 percent of the total accounts receivable with the rest judged to be uncollectible. Sold the land, building, and equipment for $161,000. Distributed safe payments of cash. Learned that Guthrie, who has become personally insolvent, will make no further contributions. Paid all liabilities. Sold all inventory for $78,000. Distributed safe payments of cash again. Paid actual liquidation expenses of $12,000 only. 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