2 pts Question 37 37. The Statement of Financial Position of the PPP Partnership just before liquidation is as follows: Cash p 40,000 Liabilities P 70,000 Non-cash assets 140,000 Peyton, capital (60%) 50,000 50,ooo! Penny, capital (20%) Peggy, capital (20%) 10,000 Total P180.000 Total P180,000 If the non-cash assets are sold for P150,000, and the liabilities are paid, the remaining cash should be distributed to the partners as follows: O a. Peyton, P44,000; Penny, P48.000; Peggy, P8,000 O b. Peyton, P50,000; Penny, P50,000: Peggy, P10,000 c. Peyton, P56,000; Penny, P52.000; Peggy, P12.000 d. Peyton, P72,000: Penny, P24,000: Peggy, P24,000