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 $ 69,000 280,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 49,500 168,000 131,500 $ 349,000 Total assets $ 349,000 Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners. b. Paid $29,700 of the partnership's liabilities. c. Sold noncash assets for $299,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $19,800. f. Paid $6,700 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Alex and Bess have been in partnership for many years. The partners, who share protts and losses on a 00:40 basis, respectively, wish to retire and have agreed to quidane the business. Liquidator expenses are estimated to be SB,000. M the date the partnershp ceases operations, the balanse sheet is as follows: North Ads 5 9,00 280,000 La Alae, CA RAISACA Tels spal $40.500 189.00 131,500 $ 340,000 Tulis 5 349,000 Part A: Prepare journal entries for Ure following actions a. Distuted a cash paywaris to the partners ls. Paid $2,700 of the perpeliable c. Sold moncah sex for $299,500. d. Disinbuted sate cash payments to the partners. e. Paldomaining nararahin lailla of $10.00 f. Paid 38.700 iniquitation expert olurler experies will be incurred g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partarahipidation Complete this question by entering your answers in the tabs below. Rp. Prepare journal crtries for the following transactions: 'Da rot round intermediate calculations. If na crty is required for a transaction venent, select "No journal entry required in the first rourt red.) a. Distributed sale cash payments to the partners. L. Paid $29,700 of the partnershin's abilities c. Sold moncassets for $299,500. d. Distributed fe cash payments to the partners. c. Pald remaining partnership labit of $19,800. 1. Paid $6,700 in iquidation expenses: ne nurther expenses will be incurred. g. Distributec remeiring cash treld by the business to the partners Show IRERA VISA ki Valentry with No Transaction General Journal Debit Cred 1 Mick Carta B, Capital Cash 5. CUD 4.400 11 COD 11-11- CHER