Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 70:30 basis, respectively, wish o retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,500. At the date the partnership ceases operations, the balance sheet is as follows: Dart A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27,300 of the partnership's liabilities. c. Sold noncash assets for $215,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,200. f. Paid $3,500 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. 1 Record the initial distribution of available cash based on safe capital balance. 2 Record the payment of the partnership's liabilities. 3 Record the sale of noncash assets. 4 Record the entry to distribute safe cash payments to the partners. 5 Record the payment of all remaining partnership liabilities. 6 Record the payment of liquidation expenses. 7 Record the entry to distribute remaining cash held by the Note : = journal entry has been entered 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