Required Information [The following information applies to the questions displayed below] The partnership of Garcia, Iglesias, and Kassabian was formed several years ago 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 $50,000 are expected. The partnership balance sheet at the start of liquidation is as follows: Cash Accounts receivable office equipment (net) Building (net) Land Total assets $46,000 76,000 Liabilities Garcia, lean Garcia, capital (25) 130,000 Iglesias, capital (2) 180,000 $558,000 Kassabian, capital () Total liabilities and capital $558,000 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 $28,000. the building for $142.000, Q, and the land for $184,000. 3. Distributed safe payments of cash 4. Paid all liabilities in full 5. Paid actual liquidation expenses of $38.000 only. 6. Made final cash distributions to the partners. Required: Prepare journal entries to record these liquidation transactions Note: If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld. No Transaction A 1 Cash Garcia, capital glesias, capital Kassabian capital Accounts receivable B 2 Cash Garcia, capital General Journal Iglesias capital Kassabian, capital Office equipment (net) Building (net) Land C 3 Garoa loan Garcia, capital glesias capital Kassabian, capital Cash D ⋅ Liabilities Cash E 5 Garca, capital F B glesias capital Kassabian capital Cash Garcia, capital Iglesias, capital Kassabian, capital Cash 00000 Debit 68.400 1.900 0000000 00000 00 0000 0000 1.900 Credit 1.800 76.000 354.000 20.500 20.500 41.000- 66.000 190.000 180.000 40.000 -> 152.000 O 22.800 10.520 O 224.000 180.000 186.000 0.500 - 500 19.000 10 38.000 10 10