please answer part b and prepare a ffinal statement of partnership liquidation Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a $70$:$30$ basis, respectively, wish

to retire and have agreed to liquidate the business. Liquidation expenses are estimated to be $$4,000.$ At the date the partnership

ceases operations, the balance sheet is as follows:

$8\mathrm{.}42$

points

Liabilities

Alex, capital

Bess, capital

Total liabilities and capital

Required:

Part A:

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

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

b$.$ Pald $$20,700$ of the partnership's llabilitles.

c$.$ Sold noncash assets for $$115,500.$

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

e$.$ Paid remaining partnership llabilities of $$13,800.$

f$.$ Pald $$2,900$ 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 a final statement of partnership liquidation.

Note: Amounts to be deducted should be entered in minus sign.