please find the missing values for the entries Required Information

Problem $1533$Algo$$LO $152157$

$$The following information applies to the questions displayed below$$

The partnership of Garcla$$Igleslas$$and Kassablan 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 $$35,000$ are expected$$The partnership balance sheet at the start of liquidation is as follows$$

Problem $1533$ Part B

The following transactions transpire in chronological order during the liquidation of the partnership$$

$1$Collected $90$ percent of the accounts recelvable and wrote the remainder off as uncollectible$$

$2$Sold the office equipment for $$20,500$the building for $$82,000$and the land for $$124,000$

$3$Distributed safe payments of cash$$

$4$Paid all llabilitles in full$$

$5$Paid actual liquidation expenses of $$30,500$ only$$

$6$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$$In the first account field$$

Required information

B $2$ Cash $226,500$ Garcia, capital $11,125$ Iglesias, capital $11,125$ Kassabian, capital $22,250$ Land $,105,000$ Office equipment $($net$)51,000$ Building $($net$)115,000$ C $3$ Garcia, loan $31,000$ Garcia, capital Iglesias, capital Kassabian, capital Cash D $4$ Liabilities $,171,000$ Cash $171,000$ E $5$ Garcia, capital Iglesias, capital $$ Kassabian, capital $$ Cash $30,500$ F $6$ Garcia, capital $,$ Iglesias, capital $$ Kassabian, capital $$ Cash $,$

Journal entry worksheet

A

B

C

D

E

Distributed safe payments of cash.

Note: Enter debits before credits.

Transaction General Journal Debit Credit $3$ Garcia, loan $31,000$ Garcia, capital $$glesias$,$ capital Kassabian, capital Cash

$$

$$

$$

Journal entry worksheet

A

C

D

E

Paid actual liquidation expenses of $$30,500$ only.

Note: Enter debits before credits.

Journal entry worksheet

A

B

C

D

E

F

Made final cash distributions to the partners.

Note: Enter debits before credits.

Transaction General Journal Debit Credit $6$ Garcia, capital $$glesias$,$ capital Kassabian, capital Cash