am. 112. 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. Twopartners have reached retirement age, and the partners have decided to terminate operations and liquidate the business.Liquidation expenses of $50,000 are expected. The partnership balance sheet at the start of liquidation is as follows:CashAccounts receivableOffice equipment (net)Building (net)LandTotal assetsLiabilitiesGarcia, loan$ 46,00076,000$186,00046,00066,000Garcia, capital (25)130,000190,000Iglesias, capital (25%)46,000180,000$558,000Kassabian, capital (se)150,000Total liabilities and capital$558,000The 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, 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 field.NoTransactionA1CashGarcia, capitalIglesias, capitalKassabian, capitalAccounts receivableGeneral JournalDebitCredit.68.400°1.000°1.00003.800076.000B2Cash354.000Garcia, capital020.500Iglesias, capital20.500Kassabian, capital041.000Office equipment (net)·66.000Building (net)°190.000Land°180.000с3Garcia, loan040.000Garcia, capital0153.000Iglesias, capital23.600Kassabian, capital010.520Cash°224.000D4LiabilitiesCash0100.000C188.000E5Garcia, capital00.500Iglesias, capital00.500Kassabian, capital10.000Cash38.000FBGarcia, capital10Iglesias, capital010Kassabian, capital°10Cash

Partnership : Arrangement between two or more people whereby they agree to manage business…

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