Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $6,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 53,000 120,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 41,500 72,000 59,500 $ 173,000 Total assets $ 173,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $24,900 of the partnerships liabilities. c. Sold noncash assets for $131,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $16,600. f. Paid $5,200 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation. No Transaction General Journal Debit Credit 1 a. Bess, Capital Cash 2 b Liabilities 24,900 Cash 24,900 3 C. Cash 131,500 6,900 Alex, Capital Bess, Capital 4,600 120,000 Noncash assets 4 d. 75,000 Alex, Capital Bess, Capital 56,500 O Cash 131,500 5 e Liabilities 16,600 Cash 16,600 6 f. Alex, Capital 3,120 Bess, Capital 2,080 Cash 5,200 7 g 600 X Alex, Capital Bess, Capital 400 X Cash 1,000 X (Required A Required B > Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Liabilities Assets $ 53,000 Alex, Capital Bess, Capital Beginning balances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances