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	$	45,000	Liabilities	$	34,500
Noncash assets		105,000	Alex, capital		73,500
			Bess, capital		42,000
Total assets	$	150,000	Total liabilities and capital	$	150,000

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

1. Distributed safe cash payments to the partners.
2. Paid $20,700 of the partnerships liabilities.
3. Sold noncash assets for $115,500.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $13,800.
6. Paid $2,900 in liquidation expenses; no further expenses will be incurred.
7. Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation.

\begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ ALEX AND BESS PARTNERSHIP } \\ \hline \multicolumn{6}{|c|}{ Statement of Partnership Liquidation } \\ \hline & Cash & Non-cashAssets & Liabilities & Alex, Capital & Bess, Capital \\ \hline \multicolumn{6}{|l|}{ Beginning balances } \\ \hline \multicolumn{6}{|c|}{ Distribution to partners } \\ \hline \multicolumn{6}{|l|}{ Paid liabilities } \\ \hline \multicolumn{6}{|l|}{ Sold noncash assets } \\ \hline \multicolumn{6}{|l|}{ Updated balances } \\ \hline \multicolumn{6}{|c|}{ Distribution to partners } \\ \hline \multicolumn{6}{|l|}{ Updated balances } \\ \hline \multicolumn{6}{|l|}{ Paid liabilities } \\ \hline \multicolumn{6}{|c|}{ Paid liquidation expenses } \\ \hline \multicolumn{6}{|l|}{ Updated balances } \\ \hline \multicolumn{6}{|c|}{ Distribution to partners } \\ \hline Closing balances & & & & & \\ \hline \end{tabular}