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 $5,000. At the date the partnership ceases operations, the balance sheet is as follows: (PLEASE ANSWER ALL PARTS)

Cash $ 47,000 Liabilities $ 35,500

Noncash assets 125,000 Alex, capital 75,000

Bess, capital 61,500

Total assets $ 172,000 Total liabilities and capital $ 172,000

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

A. Distributed safe cash payments to the partners.

B. Paid $21,300 of the partnerships liabilities.

C. Sold noncash assets for $136,500.

D. Distributed safe cash payments to the partners.

E. Paid remaining partnership liabilities of $14,200.

F. Paid $3,700 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.