Problem 10-21 (LO 10-2, 10-4) 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 $9,500. At the date the partnership ceases operations, the balance sheet is as follows: $ Cash Noncash assets 71,000 300,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 61,000 180,000 130,000 $ 371,000 Total assets $ 371,000 Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners. b. Paid $36,600 of the partnership's liabilities. c. Sold noncash assets for $310,000. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $24,400. f. Paid $8,500 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a final statement of partnership liquidation. ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Cash Non-cash Liabilities Assets Alex, Capital Bess, Capital Beginning balances Distribution to partners Paid liabilities Sold noncash assets Updated balances Distribution to partners Updated balances Paid liabilities Paid liquidation expenses Updated balances Distribution to partners Closing balances