As of Dec. 31, 2005, Jay, Kay and Vix Partnership has the following data before effecting distribution of income summary account with a debit balance of P 300,000 from operation beginning January 1, 2005. ASSETS Cash P 400,000 Non-cash Assets? LIABILITIES Accounts Payable P 100,000 Jay, Loan 500,000 CAPITAL Jay, Capital P 500,000 Kay, Capital P 500,000 Xix, Capital P 500,000 Upon distribution of P 300,000 debit balance income summary account: 1. By how much will the capital balance of Mr. Jay increased (decreased)? 2. How much is the adjusted capital of Mr. Kay after distributing their respective share? 3. How much is the total partnership assets after distribution of the income summary account