Problem $15-21($Algo$)($LO $15-2,15-3,15-5)$

Alex and Bess 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 $$6,500.$ At the date the partnership ceases operations, the balance sheet is as follows:

Required:

Part A: Prepare journal entries for the following transactions that occurred in chronological order:

a$.$ Distributed safe cash payments to the partners.

b$.$ Paid $$24,900$ of the partnership's liabilities.

c$.$ Sold noncash assets for $$131,500.$

d$.$ Distributed safe cash payments to the partners.

e$.$ Paid remaining partnership liabilities of $$16,600.$

f$.$ Paid $$5,200$ in liquidation expenses; no further expenses will be incurred.

g$.$ Distributed remaining cash held by the business to the partners.

Part B: Prepare a final statement of partnership liquidation.

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