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 $5,000. At the date the partnership ceases operations, the balance sheet is as follows: Cash $50,000 Liabilities $40,000 Noncash assets 150,000 Alex, capital 90,000 Bess, capital 70,000 Total assets $200,000 Total liabilities and capital $200,000 Part A: Prepare journal entries for the following transactions: a. Distributed safe cash payments to the partners. b. Paid $30,000 of the partnership’s liabilities. c. Sold noncash assets for $160,000.