Remaining journal entries:

Part b$.$ Prepare a final statement of partnership liquidation. $(4$ points$)$

Required:

Part a$.$ Prepare journal entries for the following transactions that occurred in chronological order: $(8$ points$)$

$1)$ Sold noncash assets for $\backslash (\backslash$$ $180,000\backslash ).$

$2)$ Distributed safe cash payments to the partners.

$3)$ Paid $\backslash (\backslash$$ $120,000\backslash )$ of the partnership's liabilities.

$4)$ Paid $\backslash (\backslash$$ $7,000\backslash )$ in liquidation expenses; no further expenses will be incurred.

$5)$ Distributed remaining cash held by the business to the partners.

$2)$ To determine the safe payments to be made at this point in the liquidation, the accountants

prepare the following proposed schedule of liquidation:

Required:

Part a$.$ Prepare journal entries for the following transactions that occurred in chronological order: $(8$ points$)$

$1)$ Sold noncash assets for $\backslash (\backslash$$ $180,000\backslash ).$

$2)$ Distributed safe cash payments to the partners.

$3)$ Paid $\backslash (\backslash$$ $120,000\backslash )$ of the partnership's liabilities.

$4)$ Paid $\backslash (\backslash$$ $7,000\backslash )$ in liquidation expenses; no further expenses will be incurred.

$5)$ Distributed remaining cash held by the business to the partners.

$2)$ To determine the safe payments to be made at this point in the liquidation, the accountants

prepare the following proposed schedule of liquidation:

Remaining journal entries:

Part b$.$ Prepare a final statement of partnership liquidation. $(4$ points$)$