\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: 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: Distributed safe cash payments to the partners. Paid $21,300 of the partnerships liabilities. Sold noncash assets for $136,500. Distributed safe cash payments to the partners. Paid remaining partnership liabilities of $14,200. Paid $3,700 in liquidation expenses; no further expenses will be incurred. Distributed remaining cash held by the business to the partners. Part B: Prepare a final statement of partnership liquidation.