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 $4,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash $ 60,000 Liabilities $ 45,000 Noncash assets 190,000 Alex, capital 133,000 Bess, capital 72,000 Total assets $ 250,000 Total liabilities and capital $ 250,000

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

Distributed safe cash payments to the partners.

Paid $27,000 of the partnerships liabilities.

Sold noncash assets for $205,000.

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $18,000.

Paid $2,000 in liquidation expenses; no further expenses will be incurred.

Distributed remaining cash held by the business to the partners.