Learning Activity: Journalizing Partnership Formation and Preparation of Statement of Financial Position Directions: Prepare the following requirements. Journalize the transactions in the General Journal provided below the problem. Prepare the Statement of Financial Position in the space provided after the General Journal. On July 1, 2020, Celso Sanada Sr. and Louie Estrebilla have agreed to form a partnership business engaged in buying and selling of "tuna" fish within the vicinity of General Santos City. Their contributions among others included the following: Sanada Estrebilla Cash P 250.000 P 380,000 Frozen Tuna 180,000 Delivery Van 950,000 As agreed, Sanada's "frozen tuna" was revalued at P 160,000 while Estrebilla's mortgage loan balance of P 250,000 for his delivery van was treated as his "personal" obligation from Mitsubishi Gensan Branch. Required: 1. Prepare two single journal entries recording their respective contributions. 2. Prepare a Statement of Financial Position as of the date their partnership was formed