Help me to finish Part B The following transactions transpire during the liquidation of the Wingler,

 
   

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Help me to finish Part B

The following transactions transpire during the liquidation of the Wingler, Norris, Rodgers, and Guthrie partnership: Collected 90 percent of the total accounts receivable with the rest judged to be uncollectible. Sold the land, building, and equipment for $159,000. Made safe capital distributions. Learned that Guthrie, who has become personally insolvent, will make no further contributions. Paid all liabilities. Sold all inventory for $78,000. Made safe capital distributions again. Paid actual liquidation expenses of $9,000 only. Made final cash disbursements to the partners based on the assumption that all partners other than Guthrie are personally solvent.

Prepare journal entries to record these liquidation transactions.

Problem 15-32 (LO 15-2, 15-5) 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: Cash Accounts receivable Inventory Land Building and equipment (net) $ 33,000 100,000 119,000 94,000 177,000 Liabilities Rodgers, loan Wingler, capital (308) Norris, capital (10%) Rodgers, capital (208) Guthrie, capital (408) Total liabilities and capital $ 70,000 53,000 147,000 106,000 83,000 64,000 $523,000 Total assets $523,000 When the liquidation commenced, liquidation expenses of $15,000 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 90 percent of the total accounts receivable with the 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 the assumption that all partners other than Guthrie are personally solvent. Prepare journal entries to record these liquidation transactions. Complete 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 Guthrie, Capital Beginning balances Loss Step one balances Loss Step two balances Loss Step three balances $ 147,000 (48,000)| $ 99,000 (99,000) $ 0 op $ 0 Rodgers, Norris, Loan and Capital Capital $ 106,000 $ 136,000 (16,000)| (32,000)| $ 90,000 $ 104,000 (33,000)| (66,000) $ 57,000 $ 38,000 (19,000)| (38,000) $ 38,000 $ 0 $ 64,000 (64,000) S 0 0 $ 0 0 $ Required A Required B Prepare journal entries to record these liquidation transactions. (Do not round intermediate calculations. Round the final answers to nearest dollar amounts. If no entry is required for a particular transaction/event, select “No journal e in the first account field.) No Transaction General Journal Credit 01 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Accounts receivable Debit 90,000 3,000 1,000 2,000 4,000 100,000 159,000 Cash Wingler, Capital Norris, Capital Rodgers, Capital Guthrie, Capital Land Building and equipment 94,000 177,000 ܘܘܘܘ ܘܘܘܘܘܘܘ ܘܘܘܘܘ ܘ_ܘ_ܘܘ 03 Wingler, Capital Norris, Capital Rodgers, Loan Rodgers, Capital Cash Guthrie, Capital Guthrie, Capital Cash Rodgers, Capital Cash Norris, Capital Cash Rodgers, Capital Cash Rodgers, Capital 10 9.b Cash Guthrie, Capital Doncada