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. Liquidation expenses are estimated to be $10,000. At the date the partnership ceases operations, the balance sheet is as follows:

Cash	$	100,000	Liabilities	$	80,000
Noncash assets		200,000	Fred, capital		100,000
			George, capital		120,000
Total assets	$	300,000	Total liabilities and capital	$	300,000

1.	Prepare journal entries for the following transactions: (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 $40,000 of the partnerships liabilities.
c.	Sold noncash assets for $220,000.