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 $5,000. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	50,000	Liabilities	$	40,000
Noncash assets		150,000	Alex, capital		90,000
			Bess, capital		70,000
Total assets	$	200,000	Total liabilities and capital	$	200,000

Part A: Prepare journal entries for the following transactions:

Distributed safe cash payments to the partners.

Paid $30,000 of the partnerships liabilities.

Sold noncash assets for $160,000.

Distributed safe cash payments to the partners.

Paid remaining partnership liabilities of $10,000.

Paid $4,000 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.