IV. Installment Liquidation Schedule of Safe Payments The statement of financial position for Pop and Loli Partnership on June 1, 2020 before liquidation is as follows: Assets Liabilities & Capital Cash P 50,000 Liabilities P200,000 Other Assets 550,000 Pop, capital 225,000 Loli, capital 175,000 Total Assets P 600,000 Total Liabilities & Capital P 600,000 Partners Pop and Loli share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000 creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. Required: a) Prepare a schedule of safe payments on every cash distribution made. b) How much cash should Loli receive in June? c) How much cash should Pop receive in July? d) How much cash should Loli and Pop receive in August