1. Mary, Helga, and Luz are partners who share profits and losses in the ratio of 422. respectively. The partners decide to liquidate and gave you the following balances Cash P400,000 Accounts Payable P300,000 Accounts Receivables 200,000 Notes Payable 400,000 Inventories 800,000 Mary, Capital 700,000 Equipment 700,000 Helga, Capital 400,000 Accumulated Depreciation (100,000) Luz, Capital 200,000 a) Accounts Receivable were sold for P175,000 b) Inventories were sold for P20,000 c) Equipment were sold for P550,000 and d) Liquidation expenses of P12,000 were paid Direction: a) Use the following table in support of the liquidation process. The cash balance after the payment of liabilities should reconcile with the capital balances. Capital Balances Cash Mary Helga Balances before liquidation Sale of receivables at a loss Sale of inventories at a gain Sale of equipment at a loss Liquidation expenses paid Liabilities paid Distribution to partners b) Journalize a) each sale, b) liquidation expenses paid, c) liabilities paid, and d) cash paid to partners