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 $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 51.000 100,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 40, 500 60,000 50, 500 $ 151,000 Total assets $ 151,000 Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners. b. Paid $24,300 of the partnership's liabilities. c. Sold noncash assets for $110,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,200. f. Paid $4,400 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Bess, Capital Cash 24,300 0 Liabilities Cash 24,3000 3 ;. Cash 0 500110 Alex, Capital Bess, Capital Cash Liabilities 16,2009 Cash 16,200/ No Transaction Recorded Alex, Capital Bess, Capital Cash