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 $8,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 57,000 160,000 Liabilitles Alex, capital Bess, capital Total liabilities and capital $4,500 96.000 77,500 $ 217,000 Total assets $ 217,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order a. Distributed safe cash payments to the partners. b. Paid $26,100 of the partnership's liabilities c. Sold noncash assets for $173,500 d. Distributed safe cash payments to the partners. e. Pald remaining partnership liabilities of $17.400, 1. Paid $6,800 in liquidation expenses: no further expenses will be incurred g. Distributed remaining cash held by the business to the partners Journal entry worksheet Record the initial distribution of available cash based on safe capital balance. Note: Enter debits before credits Transaction General Journal Debit Credit a Journal entry worksheet Record the payment of the partnership's liabilities. Note: Enter debits before credits Transaction General Journal Debit Credit b Journal entry worksheet 2 3 4 5 6 7 > Record the sale of noncash assets. Note: Enter debits before credits Transaction General Journal Debit Credit C Journal entry worksheet 1 N 3 5 6 7 > Record the entry to distribute safe cash payments to the partners. Note: Enter debits before credits Transaction General Journal Debit Credit d Journal entry worksheet