On December 1, 2022, partners Silverstone, Spa and Suzuka decided to liquidate their partnership. Prior to liquidation, the partners had cash fo $15,000, non-cash assets of $145,000, liabilities to outsiders of $35,000 and a note payable to partner Suzuka of $16,000. The capital balances of the partners were: Silverstone $36,000; Spa - $56,000; Suzuka - $17,000. The partners share profits and losses in the ratio of 3:3:4, respectively. During December 2022, the partnership received cash of $30,000 from the sale of assets with a book value of $38,000 and paid $3,600 of liquidation expenses. During January 2023 , the partnership realized $44,000 from the sale of assets with a book value of $35,000 and paid liquidation expenses of $8,400. During February 2023, the remaining assets were sold for $45,000. The partners agreed to distribute cash at the end of each month, provided a Php5,000 cash is maintained for other expenses, until the final distribution to partners. Required: - Prepare a cash priority program. - Prepare a statement of liquidation. - Prepare the necessary journal entries to record the liquidation process