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 Noncash assets 45,000 105,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 34,500 73,500 42.000 $ 150,000 Total assets $ 150,eee Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners b. Paid $20,700 of the partnership's liabilities. c. Sold noncash assets for $115,500. d. Distributed safe cash payments to the partners, e. Paid remaining partnership liabilities of $13.800. 1. Paid $2,900 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 Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries for the following transactions: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field.) a. Distributed safe cash payments to the partners b. Paid $20,700 of the partnership's liabilities. c. Sold noncash assets for $115,500. d. Distributed safe cash payments to the partners e. Paid remaining partnership liabilities of $13.800. 1. Paid $2,900 in liquidation expenses; no further expenses will be incurred. 9. Distributed remaining cash held by the business to the partners. Show less