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) $ 15,000 Liabilities 82,000 Rodgers, loan 101,000 Mingler, capital (301) 85,000 Norris, capital (104) 168,000 Rodgora, capital (205) Guthrie, capital (401) $451,000 Total liabilities and capital $ 74,000 35,000 120,000 88,000 74,000 60,000 $451,000 Total assets When the liquidation commenced, liquidation expenses of $16,000 were anticipated as being necessary to dispose of all property Part A Prepare a predistribution plan for this partnership Part 3 The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrio partnership: 1 collected Bo percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $150,000 3. Distributed safe payments of cash A Learned that Guthrie, who has become personally Insolvent, will make no further contributions, 5. Paid all abilities. 6 Sold all inventory for $71,000 7. Distributed safe payments of cash again 8. Pald actual liquidation expenses of $11,000 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