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 $$8,000.$ At the date the partnership ceases operations, the balance sheet is as follows:

Cash $ $68,000$ Liabilities $ $49,000$

Noncash assets $270,000$ Alex, capital $189,000$

Bess, capital $100,000$

Total assets $ $338,000$ Total liabilities and capital $ $338,000$

Required:

Part A:

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

Distributed safe cash payments to the partners.

Paid $$29,400$ of the partnership$$s liabilities.

Sold noncash assets for $$289,000.$

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $$19,600.$

Paid $$6,300$ 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.