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 $8,500. At the date the partnership ceases operations, the balance sheet is as follows:Cash $ 57,000 Liabilities $ 43,500Noncash assets 160,000 Alex, capital 96,000 Bess, capital 77,500 Total assets $ 217,000 Total liabilities and capital $ 217,000Part A: Prepare journal entries for the following transactions:a. Distributed safe cash payments to the partners. b. Paid $26,100 of the partnership’s liabilities. c. Sold noncash assets for $173,500.d. Distributed safe cash payments to the partners. e. Paid remaining partnership liabilities of $17,400.f. Paid $6,800 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.