a Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $8,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 57,000 160,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 43,500 96,000 77,500 $ 217,000 Total assets $ 217,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $26,100 of the partnership's liabilities. c. Sold noncash assets for $173,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,400. f. Paid $6,800 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. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) 0 ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Liabilities Alex, Bess, Assets Capital Capital $ 57,000 $ 160,000 S (43,500) S (96,000) S (77,500) (5,000) 0 0 5,000 (26,100) 26,100 173,500 (160,000) 0 (8,100) (5,400) $ $ S (173,500) 0 S 99,000 S 74,500 (174,000) (5,100) (3,400) $ 25,900 $ 0(17,400) S (5,100) S (3,400) (174,000) 0 17,400 0 (6,800) 4,080 X 2,720 1,700 $ S 0 $ (1,020) s (680) (1,700) 0 1,020 X 680 0 Beginning balances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances 0 0 0 $ 0 0