Lump-Sum Liquidation Apple, Banana and Lemon have decided to liquidate their partnership on Dec. 1, 2020. The statement of financial position is shown below: ABL Partnership Statement of Financial Position Dec 01, 2020 Assets Cash P 25,000 Accounts Receivable (net) 75,000 Inventories 100,000 Property and Equipment (net) 300,000 Total Assets P 500,000 Liabilities and Capital Accounts Payable P240,000 Loan Payable-Bantilles 30,000 Apple, Capital 120,000 Banana, Capital 50,000 Lemon, Capital Total Liabilities and Capital 60.000 P500,000 Additional information: Required: a) The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1, 2020, are presented below: assets Apple Banana Lemon P250,000 P300,000 P350,000 Personal abilities (230,000) (240,000) (325,000) Personal net worth P 20,000 P 60,000 P 25,000 b) Apple, Banana, and Lemon share profits and losses in the ratio 20:40:40, respectively. c) In the partnership agreement, interest will not accrue on partners' loan balances during the liquidation process. d) All of the non-cash assets were sold on Dec. 10, 2020 for P260,000. 1. Prepare the liquidation journal entries. 2. Prepare the statement of liquidation