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 $9,500. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	59,000	Liabilities	$	44,500
Noncash assets		180,000	Alex, capital		108,000
			Bess, capital		86,500
Total assets	$	239,000	Total liabilities and capital	$	239,000

Part A: Prepare journal entries for the following transactions that occurred in chronological order: *PART A ALREADY COMPLETE*

1. Distributed safe cash payments to the partners.
2. Paid $26,700 of the partnerships liabilities.
3. Sold noncash assets for $194,500.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $17,800.
6. Paid $7,600 in liquidation expenses; no further expenses will be incurred.
7. Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation. *JUST NEED HELP WITH PART B*

*I already have Part A answered!! I just need help with the final statement of partnership liquidation using the format above. Thanks!!!*

a. Distributed safe cash payments to the partners. b. Paid $26,700 of the partnership's liabilities. c. Sold noncash assets for $194,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,800. f. Paid $7,600 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a. Bess, Capital 5,000 Cash 5,000 2 b. Liabilities 26,700 Cash 26,700 3 C. Cash 194,500 Alex, Capital Bess, Capital Noncash assets 8,700 5,800 180,000 4 d. 111,000 Alex, Capital Bess, Capital Cash 83,500 194,500 5 e. Liabilities 17,800 Cash 17,800 6 f. Alex, Capital Bess, Capital Cash 4,560 3,040 7,600 7 g. Alex, Capital Bess, Capital Cash 1,140 760 1,900 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 Alex, Capital Assets 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