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 $6,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 64,000 230,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 47,000 138,000 109,000 $ 294, 000 Total assets $ 294,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $28,200 of the partnership's liabilities. c. Sold noncash assets for $247,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,800. f. Paid $4,700 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. Prepare journal entries for the following transactions that occurred in chronological order: (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Distributed safe cash payments to the partners. b. Paid $28,200 of the partnership's liabilities. c. Sold noncash assets for $247,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,800. f. Paid $4,700 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less No Transaction General Journal Debit Credit 1 > a. Bess, Capital 11,000 Cash 11,000 2 b. 28,200 Liabilities Cash 28,200 3 C. 247,000 Cash Noncash assets 23,000 >> 10.200 Alex, Capital Bess, Capital 6,800 d. Alex, Capital 99.238 X Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) Alex, Capital Bess, Capital ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non- Cash cash Liabilities Assets $ $ 6,400 $ (47.000) 230,000 (11,000) 0 0 (28,000) 0 28,200 Beginning balances $ (109,000) (138,000) 0 11,000 0 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