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 that occurred in chronological order:

1. Distributed safe cash payments to the partners.
2. Paid $27,000 of the partnerships liabilities.
3. Sold noncash assets for $205,000.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $18,000.
6. Paid $2,000 in liquidation expenses; no further expenses will be incurred.
7. Distributed remaining cash held by the business to the partners.

1. Part B: Prepare a final statement of partnership liquidation.