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 $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash $ 51,000 Liabilities $ 40,500 Noncash assets 100,000 Alex, capital 60,000 Bess, capital 50,500 Total assets $ 151,000 Total liabilities and capital $ 151,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: Distributed safe cash payments to the partners. Paid $24,300 of the partnerships liabilities. Sold noncash assets for $110,500. Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $16,200. Paid $4,400 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.