A. (15 points): Wally and Jose were in business for several years, sharing profits and losses equally. Because of Jose's poor health, they decided to liquidate the partnership. Wally managed the liquidation because Jose was in the hospital. Just before liquidation, the partnership balance sheet contained the following information: Cash P 800,000 Other Assets P 2,200,000 Total Assets P 3,000,000 Liabilities Wally, Capital Jose, Capital P 500,000 P 1,000,000 Total Liabilities & Equity P 1,500,000 P 3,000,000 Wally (1) sold the other assets for P 1,750,000, (2) paid off all the creditors, and (3) divided the remaining cash between them, according to their profit and loss sharing ratio. Jose received a note from Wally that read "Good news - sold other assets for P 1,750,000. Have P 1,025,000 check waiting for you. Get well soon." Because he will not be released from the hospital for several days, Jose asks you to review Wally's liquidation and cash distribution procedures. Do you approve Wally's liquidation and cash distribution procedures? If you think Wally's computation is not correct, what amount of final cash settlement should Jose receive? Explain.