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: Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $27,000 of the partnership's liabilities. c. Sold noncash assets for $205,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,000. f. Paid $2,000 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. Complete this question by entering your answers in the tabs below. 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 $27,000 of the partnership's liabilities. c. Sold noncash assets for $205,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,000. f. Paid $2,000 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Journal entry worksheet 1 7 Record the entry to distribute safe cash payments to the partners. Note: Enter debits before credits. Journal entry worksheet Record the entry to distribute remaining cash held by the business to the partners. Note: Enter debits before credits. Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign.) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation