2. Lump-Sum Liquidation ( 30 Pts.) Orian, Tejero, and Lacson are partners in the OTL Electric Company and share profits in ratio of 5:3:2. On June 30, 2011, they decided to liquidate the business. The statement of financial position at that date is as follows: Cash P 20,000 Liabilities P30,000 Orian, Loan 15,000 Tejero, Loan 10,000 Non-cash assets 135,000 Orian, Capital 80,000 Tejero, Capital 36,000 Lacson, Capital 14,000 Total Assets 170,000 Total Equities 170,000 The non-cash assets are sold for P80,000. Rather than require payments, all partners agreed to offset the receivable from Orian against his capital credit. 1 Required: 1. Prepare a statement of liquidation. 2. Prepare the journal entries to account for the liquidation