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 $4,500. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	61,000	Liabilities	$	45,500
Noncash assets		200,000	Alex, capital		140,000
			Bess, capital		75,500
Total assets	$	261,000	Total liabilities and capital	$	261,000

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

1. Distributed safe cash payments to the partners.
2. Paid $27,300 of the partnerships liabilities.
3. Sold noncash assets for $215,500.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $18,200.
6. Paid $3,500 in liquidation expenses; no further expenses will be incurred.
7. Distributed remaining cash held by the business to the partners.

1. Part B: Prepare a final statement of partnership liquidation.

2. 

Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B 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 Alex, cash Liabilities Bess, Capital Capital Assets S Beginning balances $ 61,000 S 18.200 215,500 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