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 $8,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 68,000 270,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 49, 189, eee 100,000 $ 338, cee Total assets $ 338,000 Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners. b. Paid $29,400 of the partnership's liabilities c. Sold noncash assets for $289,000. d. Distributed safe cash payments to the partners. e. Pald remaining partnership liabilities of $19,600. Paid $6.300 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 Required A Required B Prepare journal entries for the following transactions: (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 $29,400 of the partnership's liabilities. c. Sold noncash assets for $289,000. d. Distributed safe cash payments to the partners. e. Pald remaining partnership liabilities of $19,600. f. Pald $6,300 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show les View transaction list Journal entry worksheet 2 3 4 5 6 7 Record the initial distribution of available cash based on safe capital balance. Note: Enter debits before credits Transaction General Journal Debit Credit Required A Requited B Prepare a final statement of partnership liquidation. 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