March, April, and May have been in partnership for a number ofyears. The partners allocate all profits and losses on a 4:2:2basis, respectively. Recently, each partner has become personallyinsolvent and, thus, the partners have decided to liquidate thebusiness in hopes of remedying their personal financial problems.As of September 1, the partnership’s balance sheet is asfollows:

Cash	$	27,000	Liabilities	$	91,000
Accounts receivable		116,000	March, capital		58,000
Inventory		96,000	April, capital		91,000
Land, building, and equipment (net)		63,000	May, capital		62,000
Total assets	$	302,000	Total liabilities and capital	$	302,000

Prepare journal entries for the following transactions:(Do not round intermediate calculations. If no entry isrequired for a transaction/event, select "No journal entryrequired" in the first account field.)

1. Sold all inventory for $72,000 cash.
2. Paid $12,300 in liquidation expenses.
3. Paid $56,000 of the partnership’s liabilities.
4. Collected $65,000 of the accounts receivable.
5. Distributed safe payments of cash; the partners anticipate nofurther liquidation expenses.
6. Sold remaining accounts receivable for 30 percent of facevalue.
7. Sold land, building, and equipment for $33,000.
8. Paid all remaining liabilities of the partnership.
9. Distributed cash held by the business to the partners.