The partnership of Wingler, Norris, Rodgers, and Guthrie wasformed several years ago as a local architectural firm. Severalpartners have recently undergone personal financial problems andhave decided to terminate operations and liquidate the business.The following balance sheet is drawn up as a guideline for thisprocess:

Cash	33000	Liabilities	70000
A/R	100000	Rodgers, loan	53000
Inventory	119000	Wingler, Cap. (30%)	147000
Land	94000	Norris, Cap. (10%)	106000
Building & Equipment	177000	Rodgers, Cap. (20%)	83000
		Guthrie, Cap. (40%)	64000
Total Assets	523000	Total Liabilities & Capital	523000

When the liquidation commenced, liquidation expenses of $15,000were anticipated as being necessary to dispose of all property.

Part B

The following transactions transpire during the liquidation ofthe Wingler, Norris, Rodgers, and Guthrie partnership:

1. Collected 90 percent of the total accounts receivable withthe rest judged to be uncollectible.

2. Sold the land, building, and equipment for $159,000.

3. Made safe capital distributions.

4. Learned that Guthrie, who has become personally insolvent,will make no further contributions.

5. Paid all liabilities.

6. Sold all inventory for $78,000.

7. Made safe capital distributions again.

8. Paid actual liquidation expenses of $9,000 only.

9. Made final cash disbursements to the partners based on theassumption that all partners other than Guthrie are personallysolvent.

Prepare journal entries to record these liquidationtransactions.