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 Accounts receivable Inventory Land Building and equipment (net) $ 35,000 Liabilities 102,000 Rodgers, loan 121,880 Wingler, capital (304) 95,888 Norris, capital (104) 178,000 Rodgers, capital (284) Guthrie, capital (40%) $531,800 Total liabilities and capital Total assets $ 69,000 55,800 150,000 108,000 84,000 65,000 $531,000 When the liquidation commenced, liquidation expenses of $17,000 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 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $160,000. 3. Distributed safe payments of cash. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions, 5. Pald all liabilities. 6. Sold all inventory for $81,000. 7. Distributed safe payments of cash again. 8. Pald actual liquidation expenses of $8,000 only. 9. Mode 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