Exercise 3-8. Distribution of Net Loss to partners The following is the statement of financial position of MEC Partnership as of June 30,2020: MEC Partnership Statement of Financial Position June 30, 2020 ASSETS LIABILITIES and PARTNERS' EQUITY Cash P 175,000 Liabilities P 108,000 Other Assets 495,000 Margaret, Capital P 250,000 Elizabeth, Capital 200,000 Cecilia, Capital 112,000 562,000 Total Assets P 670,000 Total Liabilities & Partners' Equity P 670,000 The partners agreed to distribute the profits as follows: (a) interest on ending capital of 10%; (b) Annual salaries to Elizabeth and Cecilia of P120,000 each; and (c) Remainder: 4:3:3. Compute the share of each of the partners in the net loss amounting to P250,000 for the fiscal year ending June 30, 2020