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	33000	Liabilities	70000
A/R	100000	Rodgers, loan	53000
Inventory	119000	Wingler, Cap. (30%)	147000
Land	94000	Norris, Cap. (10%)	106000
Building & Equipment	177000	Rodgers, Cap. (20%)	83000
		Guthrie, Cap. (40%)	64000
Total Assets	523000	Total Liabilities & Capital	523000

When the liquidation commenced, liquidation expenses of $15,000 were anticipated as being necessary to dispose of all property.

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. Made safe capital distributions.

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. Made safe capital distributions 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.

Prepare journal entries to record these liquidation transactions.