Mary, Angela and Candy have decided to liquidate their partnership on Dec. 1, 2017. The statement of financial position is shown below:

Lump-Sum Liquidation Mary, Angela and Candy have decided to liquidate their partnership on Dec. 1, 2017. The statement of financial position is shown below. MAC Partnership Statement of Financial Position Dec 1, 2017 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-Baotilles. 30,000 Mary, Capital 120,000 Angela, Capital 50,000 Candy, Capital 60.000 Total Liabilities and Capital P500,000 Additional information: a) The personal assets (excluding partnership capital and loan interests) and personal liabilities of each partner as of Dec. 1, 2020, are presented below: Mary Angela Candy Personal assets P250,000 P300 000 P350,000 Personal liabilities (230,000) (240,QU0] T (325,000) Personal net worth | P 20,000 I P60,QUO | P 25,UU0 b) Mary, Angela and Candy share profits and losses in the ratio 20:40:40, respectively. 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, 2017 for P260,000. Required: 1. Prepare the liquidation journal entries. 2 Prepare the statement of liquidation