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Part A 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: ped Cash Accounts receivable Inventory Land Building and equipment (net) $ 63,000 Liabilities 130,000 Rodgers, loan 149,000 Wingler, capital (308) 109,000 Norris, capital (108) 192,000 Rodgers, capital (208) Guthrie, capital (40%) $643,000 Total liabilities and capital $ 46,000 83,000 192,000 136,000 98,000 88,000 $643,000 Total assets ences When the liquidation commenced, liquidation expenses of $17,000 were anticipated as being necessary to dispose of all property Prepare a predistribution plan for this partnership Part B The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: 1. Collected 80 percent of the total accounts receivable with the rest judged to be uncollectible. 2. Sold the land, building, and equipment for $174,000. 3. Mode safe capital distributions. 4. Learned that Guthrie, who has become personally insolvent, will make no further contributions. 5. Pald all liabilities. 6. Sold all inventory for $81,000. 7. Made safe capital distributions again. 8. Paid 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 Prepare journal entries to record these liquidation transactions. Com iete this question by entering your answers in the tabs below. Required A Required B Prepare a predistribution plan for this partnership. (Do not round intermediate calculations.) Wingler, Capital Norris, Capital Rodgers, Loan and Capital Guthrie, Capital Beginning balances Loss Step one balances Loss Step two balances Loss Step three balances HT 1 Required B > Required A Required B Prepare journal entries to record these liquidation transactions. (Do not round intermediate calculations. Round the nearest dollar amounts. If no entry is required for a particular transaction/event, select "No journal entry required" field.) View transaction list Journal entry worksheet Record the cash received from accounts receivable and loss allocated to partners. Note: Enter debits before credits Transaction General Journal Debit Credit 01

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