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 $9,500. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	59,000	Liabilities	$	44,500
Noncash assets		180,000	Alex, capital		108,000
			Bess, capital		86,500
Total assets	$	239,000	Total liabilities and capital	$	239,000

Part A: Prepare journal entries for the following transactions that occurred in chronological order:

Distributed safe cash payments to the partners.

Paid $26,700 of the partnerships liabilities.

Sold noncash assets for $194,500.

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $17,800.

Paid $7,600 in liquidation expenses; no further expenses will be incurred.

Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation.