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 $ $250,000$

Required:

Part A: Prepare journal entries for the following transactions that occurred in chronological order:

Distributed safe cash payments to the partners.

Paid $$27,000$ of the partnership$$s liabilities.

Sold noncash assets for $$205,000.$

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $$18,000.$

Paid $$2,000$ 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.The partnership of Winn, Xie, Yang, and Zed has the following balance sheet:

led is personally insolvent, and one of Zed's creditors is considering suing the partnership for the $$10,000$ that is

urrently owed. The creditor realizes that this litigation could result in partnership liquidation and does not wish to force

uch an extreme action unless Zed is reasonably sure of obtaining at least $$10,000$ from the liquidation.

Required:

$.$ For how much must the partnership sell the other assets to ensure that Zed receives $$10,000$ from the liquidation?

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For how much must the partnership sell the other assets to ensure that Zed receives $$10,000$ from the liquidation?

For how much must the partnership sell the other assets to ensure that Zed receives $$10,000$ from the liquidation?