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 $6,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash $ 65,000 Liabilities $ 47,500 Noncash assets 240,000 Alex, capital 168,000 Bess, capital 89,500 Total assets $ 305,000 Total liabilities and capital $ 305,000 Part A: Prepare journal entries for the following transactions: Distributed safe cash payments to the partners. Paid $28,500 of the partnerships liabilities. Sold noncash assets for $257,500.Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $19,000. Paid $5,100 in liquidation expenses; no further expenses will be incurred. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation.