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Chapter 15 Assignment Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 12 O Required information Part 2 of 2 x Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 2.12 Cash 75,600 points Butler, capital 2.100 Osman, capital 2.100 00:21:23 Ward, capital 4,200 Accounts receivable 84,000 2 2 Cash 422,000 Butler, capital 25,500 Osman, capital 25,500 Ward, capital 51,000 Office equipment (net) 74,000 Building (net) 230,000 Land 220,000 3 3 Butler, loan 54,000 Butler, capital 61,400 x Osman, capital 61,400 X Ward, capital 122,800 x Cash 299,600 Mc Graw ucationChapter 15 Assignment Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 12 O Required information Part 2 of 2 [The following information applies to the questions displayed below.] The partnership of Butler, Osman, and Ward was formed several years ago as a local tax preparation firm. Two partners have reached retirement age, and the partners have decided to terminate operations and liquidate the business. 2.12 Liquidation expenses of $58,000 are expected. The partnership balance sheet at the start of liquidation is as follows: points 00:21:34 Cash $ 54, 060 Liabilities $ 194,606 Accounts receivable 84, 060 Butler, loan 54, 090 Office equipment (net) 74, 090 Butler, capital (25%) 170,060 Building (net) 230, 060 Osman, capital (25%) 54,060 Land 220, 090 Ward, capital (50%) 190, 080 Total assets 000'799 $ Total liabilities and capital $ 662, 000 The following transactions transpire in chronological order during the liquidation of the partnership: 1. Collected 90 percent of the accounts receivable and wrote the remainder off as uncollectible. 2. Sold the office equipment for $32,000, the building for $174,000, and the land for $216,000. 3. Distributed safe payments of cash. 4. Paid all liabilities in full. 5. Paid actual liquidation expenses of $42,000 only. 6. Made final cash distributions to the partners. Prepare journal entries to record these liquidation transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Mc Graw Hill ucation