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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

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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 Moncash assets $ 63,000 220.000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 16,500 132,000 104,500 $ 28,000 Total assets 5 283,000 Port A: Prepare journal entries for the following transactions that occurred in chronological order: o. Distributed safe cash payments to the partners b. Pald $27.900 of the partnership's liabilities c. Sold noncash assets for $236,500 d. Distributed safe cash payments to the partners. e. Pald remaining partnership liabilities of $18,600, f. Paid $4,300 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Port B: Prepare a final statement of partnership liquidation 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 that occurred in chronological order: (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 sale cash payments to the partners. b. Pald $27,900 of the partnership's liabilities c. Sold noncash assets for $236,500 d. Distributed safe cash payments to the partners e. Paid remaining partnership liabilities of 518,600. 1. Paid $4,300 in liquidation expenses no further expenses will be incurred g. Distributed remaining cash held by the business to the partners Show less Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Cash Non-cash Assets Liabilities 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

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