Complete the following questions by preparing worksheet and journal entries given below.

The partnership of Butler, Osman, and Ward was formed several years as a local tax preparation firm. Two partners have reached retirement age and the partners have decided to terminate operations and liquidate the business. Liquidation expenses of $43,000 are expected. The partnership balance sheet at the start of liquidation is as follows:

Cash	$	39,000		Liabilities	$	179,000
Accounts receivable		69,000		Butler, loan		39,000
Office equipment (net)		59,000		Butler, capital (25%)		95,000
Building (net)		155,000		Osman, capital (25%)		39,000
Land		145,000		Ward, capital (50%)		115,000
Total assets	$	467,000		Total liabilities and capital	$	467,000

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 $24,500, the building for $114,000, and the land for $156,000.

3. Made safe capital distributions.

4. Paid all liabilities in full.

5. Paid actual liquidation expenses of $34,500 only.

6. Made final cash distributions to the partners.

Prepare journal entries to record these liquidation transactions.