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$68,000 Noncash assets 270,000 Total assets$338,000 Liabilities$49,000 Alex, capital 189,000 Bess, capital 100,000 Total liabilities and capital$338,000 Prepare journal entries for the following transactions that occurred in chronological order: Distributed safe cash payments to the partners. Paid $29,400 of the partnerships liabilities. Sold noncash assets for $289,000. Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $19,600. Paid $6,300 in liquidation expenses; no further expenses will be incurred. Distributed remaining cash held by the business to the partners