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: 80,000 Cash $100,000 Liabilities 100,000 Noncash assets 200,000 Fred, capital 120,000 George, capital 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 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 liquidation expenses no further expenses will be incurred g. Distributed remaining cash held by the business to the partners. view transaction list view general journal Transaction General Journal Debit Credit b No Transaction Recorded