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 $8,000. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	68,000	Liabilities	$	49,000
Noncash assets		270,000	Alex, capital		189,000
			Bess, capital		100,000
Total assets	$	338,000	Total liabilities and capital	$	338,000

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

1. Distributed safe cash payments to the partners.
2. Paid $29,400 of the partnerships liabilities.
3. Sold noncash assets for $289,000.
4. Distributed safe cash payments to the partners.
5. Paid remaining partnership liabilities of $19,600.
6. Paid $6,300 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.

Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) \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 Beginning balances & $68,000 & $270,000 & $49,000 & $189,000 & 100,000 \\ \hline \multicolumn{6}{|l|}{ Distribution to partners } \\ \hline \multicolumn{6}{|l|}{ Paid liabilities } \\ \hline \multicolumn{6}{|l|}{ Sold noncash assets } \\ \hline Updated balances & & & $ & & \\ \hline \multicolumn{6}{|l|}{ Distribution to partners } \\ \hline Updated balances & & & $ & & \\ \hline \multicolumn{6}{|l|}{ Paid liabilities } \\ \hline \multicolumn{6}{|l|}{ Paid liquidation expenses } \\ \hline Updated balances & & & $ & & \\ \hline \multicolumn{6}{|l|}{ Distribution to partners } \\ \hline Closing balances & $ & $ & $ & $ & $ \\ \hline \end{tabular}