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