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 $5,500. At the date the partnership ceases operations, the balance sheet is as follows: Liabilities Cash Noncash assets $ 63,000 220,000 Alex, capital Bess, capital $ 46,500 132,000 104,500 Total assets $ 283,000 Total liabilities and capital $ 283,000 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 $27,900 of the partnership's liabilities. c. Sold noncash assets for $236,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $18,600. f. Paid $4,300 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. Part A Part B Prepare journal entries for the following transactions that occurred in chronological order: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 1 Distributed safe cash payments to the partners. 2 Paid $27,900 of the partnership's liabilities. 3 Sold noncash assets for $236,500. 4 Distributed safe cash payments to the partners. 5 Paid remaining partnership liabilities of $18,600. 6 Paid $4,300 in liquidation expenses; no further expenses will be incurred. 7 Distributed remaining cash held by the business to the partners. Note: journal entry has been entered Record entry Clear entry Credit View general journal