Fred and George 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. Liquidate expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows: cash: 100,000 , noncash assets 200,000, total assets $300,000 liabilites 80,000, Fred, capital 100,000, George, capital 120,000 Total liabilities and capital 300,000 1. Prepare journal entries for the following transactions A. DistribuTed safe cash payments to the partners. B. Paid $40,000 of the partnership's liabilities. C. Sold noncash assets for $220,000. D. Distributed safe cash payments to the partners. E. Paid all remaining partnership liabilities of $40,000. F. Paid $8,000 in liquation expenses, no further expenses will be incurred. G. Distributed remaining cash held by the business to the partners. 2. Prepare a final statement of partnership liquidation.