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:

a. Distributed safe cash payments to the partners.

b. Paid $27,000 of the partnership's liabilities.

c. Sold noncash assets for $205,000.

d. Distributed safe cash payments to the partners.

e. Paid remaining partnership liabilities of $18,000.

f. Paid $2,000 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.

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