| i need JOURNAL ENTRIES, a, b, and schedule of liquidation.

Problem 3 liquidation of the partnership tiBelow is the balance sheet of Gold Ace Company immediately prior to the Cash Non-cash assets Total P500,000.00 1.900,000.00 P2,400,000.00 P1,100,000.00 Liabilities Capital Salazar Nenubla Gomez Total 480,000.00 320,000.00 500,000.00 P2,400,000.00 The partners share profits and losses in the ratio 50%, 30%, 20% It is assumed that Salazar and Gomez have personal assets which are sufficient in amount to take good" capital debit balances which may be created during the liquidation process. The non-cash assets of the partnership are realized in the amount of P600,000.00 Give the schedule of liquidation and the corresponding journal entries assuming a) nothing is realized from the three partners, b) capital deficiencies are paid