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 $9,500. At the date the partnership ceases operations, the balance sheet is as follows: Cash Noncash assets $ 59,000 180,000 Liabilities Alex, capital Bess, capital Total liabilities and capital $ 44,500 108,000 86,500 $ 239,000 Total assets $ 239,000 Part A: Prepare journal entries for the following transactions that occurred in chronological order: a. Distributed safe cash payments to the partners. b. Paid $26,700 of the partnership's liabilities. c. Sold noncash assets for $194,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,800. f. Paid $7,600 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 journal entries for the following transactions that occurred in chronological order: (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 $26,700 of the partnership's liabilities. c. Sold noncash assets for $194,500. d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,800. f. Paid $7,600 in liquidation expenses; no further expenses will be incurred. g. Distributed remaining cash held by the business to the partners. Show less Record the initial distribution of available cash based on safe capital balance. the 2 Record the payment of the partnership's liabilities. 3 Record the sale of noncash assets. Record the entry to distribute safe cash payments to the partners. Credit 6 Record the payment of all remaining partnership liabilities. 1,000 6 Record the payment of liquidation expenses. Record the entry to distribute remaining cash held by the Note: journal entry has been entered Required A Required B Prepare a final statement of partnership liquidation. (Amounts to be deducted should be entered in minus s ALEX AND BESS PARTNERSHIP Statement of Partnership Liquidation Non-cash Cash Liabilities Alex, Capital Bess, Capital Assets 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