Cash 1. Done Partnership is undergoing liquidation. Information on Done is as follows: 20,000 Accounts payable 30,000 Accounts receivable 60,000 Payable to B 20,000 Receivable from A 10,000 A, Capital (60%) 250,000 120,000 B, Capital (40%) 200,000 Equipment, net 290,000 Total 500,000 Total Liab. & Equity 500,000 Inventory follows: Case 7: Cash priority program Done will be liquidated on installment basis. In the first month of the liquidation process, the non-cash assets were realized as a. Half of the accounts receivable was collected. b. Seventy-five percent of the inventory was sold at 80% of cost. c Equipment with carrying amount of P200,000 was sold for P185,000. d. P12,000 liquidation expenses were paid. Additional P5,000 liquidation expenses are expected to be incurred in subsequent periods. Requirement: Compute for the cash distributions to the partners using a cash priority program