Because of the inability to pay debts, Steven Company has been forced into bankruptcy as of April 30, 2021. The statement of financial position on that date shows: Assets Liabilities Cash P 2,700 Accounts Payable P 52,500 Accounts Receivable 39,350 Notes Payable - PNB 15,000 Notes Receivable 18,500 Notes Payable - Suppliers 51,250 Inventories 87,850 Accrued Wages 1,850 Prepaid Expenses 950 Accrued Taxes 4,650 Land and Buildings 61,250 Mortgage Bond Payable 90,000 Equipment 48,800 Ordinary Share - P100 par 75,000 Accumulated Profit (Deficit) (30,850) P259,400 P259,400 Accounts receivable of P16,110 and notes receivable of P12,500 are expected to be collectible. The good notes are pledged to Phil. National Bank. Inventories are expected to bring in P45,100 when sold under bankruptcy conditions. Land and building have an appraised value of P95,000. They serve as security on the bonds. The current value of the equipment, net of disposal cost is P9,000. The expected recovery percentage rounded off is:Partner Axe, Max and Rax are partners sharing profits and losses equally. Below are their data Axe Max Rax Total Capital 100,000 80,000 300,000 480,000 Drawings 60,000 40,000 20,000 120,000 The partners decide to liquidate and their undistributed operating profit prior to liquidation amounted to P72,000. All of the partnership assets and income were all exhausted during liquidation. Unpaid liabilities amounted to P84,000. Axe is personally insolvent and the remaining partners are solvent.Alpha, Beta, and Gamma are partners who have capital balances of P480,000, P500,000 and P180,000 respectively. P/L is distributed in the ratio of 4:2:1. Beta received P260,000 as a result of liquidating the partnership when 60% of the noncash assets of the partnership is realized. The partnership has total assets totaling to P500,000 including P50,000 cash before liquidation. The partnership also incurred P35,000 liquidation expenses and withheld P28,000 for the unpaid liabilities of the partnership