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 $7,500. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	67,000	Liabilities	$	48,500
Noncash assets		260,000	Alex, capital		182,000
			Bess, capital		96,500
Total assets	$	327,000	Total liabilities and capital	$	327,000

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
	Cash	Non-cash Assets	Liabilities	Alex, Capital	Bess, Capital
Beginning balances
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