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	$	47,000	Liabilities	$	35,500
Noncash assets		125,000	Alex, capital		75,000
			Bess, capital		61,500
Total assets	$	172,000	Total liabilities and capital	$	172,000

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

1. Distributed safe cash payments to the partners.
2. Paid $21,300 of the partnerships liabilities.
3. Sold noncash assets for $136,500.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $14,200.
6. Paid $3,700 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.