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Alex and Bess have been in partnership for many years. The partners. who share prots and losses on a 70:30 basis, respectively. wish to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $4,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash 5 46,880 Liabilities $ 35,869 Noncash assets 115,686 Alex, capital 89,589 Bess, capital 45,560 Total assets $ 161,680 Total liabilities and capital $ 161,680 ' Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $21,000 of the partnership's liabilities. c. Sold noncash assets for $126,000. cl. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $14,000. f. Paid $3,300 in liquidation expenses: no further expenses will be incurred. 9. Distributed remaining cash held by the business to the partners. Part B: Prepare a nal statement of partnership liquidation. Required B Required A Prepare journal entries for the following transactions that occurred in chronological order: (Do not round intermediate calcu entry is required for a transaction/event. select "No journal entry required" in the rst account field.) a. Distributed safe cash payments to the partners. b. Paid $21,000 of the partnership's liabilities. c. Sold noncash assets for $126,000. d. Distributed safe cash payments to the partners. 9. Paid remaining partnership liabilities of $14,000. f. Paid $3,300 in liquidation expenses; no further expenses will be incurred. 9. Distributed remaining cash held by the business to the partners. View transaction list View journal entry worksheet I 1 a. Bess. Capital 6.500 Cash 6.500 I 2 b. Liabilities 21.000 Cash 21.000 1' 3 0. Cash 126.000 Alex. Capital 7.700 Bess. Capital 3.300 Noncash assets 115.000 / 4 0|. Alex, Capital 91.350 Bess. Capital 43.650 Cash 135.000 / 5 e. Liabilities 14.000 Cash 14.000 / 6 r. Alex,Capilal 2.310 Bess. Capital 990 Cash 3.300 Required B > A B D E F G H 8 9 Part A: Prepare journal entries for the following transactions that occurred in chronological order: 10 11 a. Distributed safe cash payments to the partners. 6,500 12 13 70% 30% 14 Cash Noncash asset Liab Alex capital (70%) Bass capital (30%) 15 beg bal 46,000 115,000 -35,000 80,500 45,500 16 worst case 0 115,000 80,500 45,500 17 Liquidation 4,500 0 3150 1350 18 Updated balances 3,150 9,650 19 Alex deficit 3150 -3150 20 Updated balances 0 6,500 21 119,500 Current Capital Share of Max Potential 22 Partnet Balance Loss Capital 23 Alex 30,500 83650 3,150 24 Bess 45,500 35850 9,650 25 26 b. Paid $21,000 of the partnership's liabilities. 21,000 27 28 c. Sold noncash assets for $126,000. 126,000 29 11,000 7700 3300 30 31 d. Distributed safe cash payments to the partners. 32 Cash Non-cash assets Liab. Alex Capital Bass Capital 33 Beg bal 46,000 115,000 -35,000 -80,500 45,500 34 Dist to partners 6,500 0 6,500 35 Paid liab -21,000 0 21,000 0 36 Sold noncash assets 126,000 115,000 7700 -3300 37 Updated balances 144,500 O -11,000 -88,200 -42,300 -130,500 -141,500 38 Max. liab. -25,000 O 25,000 39 Max. liq. Exp -4,500 -3150 40 Safe balances 115,000 O -1350 -91,350 43,650 -135,000 41 42 e. Paid remaining partnership liabilities of $14,000. 43 f. Paid $3,300 in liquidation expenses; no further expenses will be incurred. 44 3,300 2310 990 45 46 g. Distributed remaining cash held by the business to the partners. 47 18 Part B: Prepare a final statement of partnership liquidation.Part B: Prepare a final statement of partnership liquidation. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus sign. ) ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Cash Non-cash Assets Liabilities Alex, Capital Bess, Capital Beginning balances $ 46,000 $ 115,000 $ (35,000) (80,500) $ (45,500) Distribution to partners 6,500) 0 0 6,500 Paid liabilities (21,000) 21,000 0 0 Sold noncash assets 126,000 (115,000) 0 (7,700) (3,300 Updated balances $ 144,500 $ o $ (11,000) $ (88,200 $ (42,300) Distribution to partners 126,000) 0 OF Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances