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$ $250,000$

Required:

Part A:

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

Distributed safe cash payments to the partners.

Paid $$27,000$ of the partnership$$s 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.

Part B:

Prepare a final statement of partnership liquidation.