Aparece, Bantilles and Lerin have decided to liquidate their partnership on Dec. 1, 2018. The statement of financial position is shown below: ABL Partnership Statement of Financial Position Dec. 1, 2018 Assets Cash P 25,000 Accounts Receivables (net) 75,000 Inventories 100,000 Property and Equipment (net) 300,000 Total Assets P 500,000 Liabilities and Capital Liabilities Accounts Payable P 240,000 Loan Payable-Bantilles 30.000 Total Liabilities P 270,000 Capital: Aparece, Capital P 120,000 Bantilles, Capital 50,000 Lerin, Capital 60.000 Total Capital 230.000 Total Liabilities and Capital P 500,000 Additional Information: a. The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1, 2018, are presented below: Aparece Bantilles Lerin Personal Assets P 250,000 P 300,000 P 350,000 Personal Liabilities (230,000) (240.000) (325.000) Personal net worth P 20,000 P 60,000 P 25,000 b. Aparece, Bantilles, and Lerin share profits and losses in the ratio 20:40:40, respectively. c. According to the partnership agreement, interest will not accrue on partners' loan balances during the liquidation process. d. All of the non-cash assets were sold on Dec. 10, 2018 for P260,000. Required: Prepare a statement of liquidation