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 $4,000. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	45,000	Liabilities	$	34,500
Noncash assets		105,000	Alex, capital		73,500
			Bess, capital		42,000
Total assets	$	150,000	Total liabilities and capital	$	150,000

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

a Distributed safe cash payments to the partners.

b Paid $20,700 of the partnerships liabilities.

c Sold noncash assets for $115,500.

d Distributed safe cash payments to the partners.

e Paid remaining partnership liabilities of $13,800.

f Paid $2,900 in liquidation expenses; no further expenses will be incurred.

g Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation.

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