15-21 (Algo) (LO 15-2, 15-3, 15-5) Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $7,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets. $ 54,000 130,000 Liabilities Alex, capital Bess, capital $ 42,000 91,000 51,000 Total assets $ 184,000 Total liabilities and capital $ 184,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $25,200 of the partnership's liabilities. c. Sold noncash assets for $142,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,800. f. Paid $5,600 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Liabilities Assets Alex, Capital Bess, Capital Beginning balances Distribution to partners $ 54,000 $ 130,000 $ (42,000) $ (91,000) > $ (51,000) > (5,000) 5,000 Paid liabilities (25,200) 25,200 Sold noncash assets 142,000 (130,000) Updated balances $165,800 $ (16,800) (8,400) $ (99,400) $ (3,600) (49,600) > Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances (142,000) 94,500 47,500 $ 23,800 $ (16,800) $ (4,900) $ (2,100) > (16,800) (5,600) 16,800 3,920 1,680 $ 1,400 $ (980) $ (420) (1,400) 980 420