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.

d. Distributed safe cash payments to the partners.

e. Paid all remaining partnership liabilities of $40,000.

f. Paid $8,000 in liquidation 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.