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 $ 56,000 Liabilities $ 43,000 Noncash assets 150,000 Alex, capital 105,000 Bess, capital 58,000 Total assets $ 206,000 Total liabilities and capital $ 206,000

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

a. Distributed safe cash payments to the partners.

b. Paid $25,800 of the partnerships liabilities.

c. Sold noncash assets for $163,000.

d. Distributed safe cash payments to the partners.

e. Paid remaining partnership liabilities of $17,200.

f. Paid $6,400 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.