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.$\backslash$table$[[$ALEX AND BESS PARTNERSHIP$],[$Statement of Partnership Liquidation$],[,$Cash,$\backslash$table$[[$Non$-],[$cash$],[$Assets$]],$Liabilities,$\backslash$table$[[$Alex$,],[$Capital$]],\backslash$table$[[$Bess$,],[$Capital$]]],[$Beginning balances,$$60,000,\_(190,000)^($$$),$$$45,000,$$$133,000,72,000],[$Distribution to partners,x$,,,,$x$],[$Paid liabilities,x$,,$x$,,],[$Sold noncash assets,x$,$x$,,\backslash$times $,$x$],[$Updated balances,x$,,$x$,$x$,$x$],[$Distribution to partners,x$,,,\backslash$times $,$x$],[$Updated balances,x$,,$x$,\backslash$times $,$x$],[$Paid liabilities,$\backslash$times $,,$x$,,],[$Paid liquidation expenses,$\backslash$times $,,,\backslash$times $,\backslash$times $],[$Updated balances,$\backslash$times $,,,$x$,\backslash$bar $($x$)],[$Distribution to partners,$\backslash$times $,,,\backslash$times $,$x$],[$Closing balances,,,,,$]]$