On December 31, 2016, partners J, A and C have capital balances of 252,000, 368,000 and 305,000 respectively. The partnership has 275,000 on liabilities including a loan from A amounting to 20,000. Partnership cash as of this date was 175,000. On May 31, 2017, the partners decided to liquidate the business. Partnership net income from January 1 to May 31, 2017 amounted to 348,000. Its profit/loss distribution agreement calls for annual salaries of P134,400, P158,400, and P115,200 to J. A and C respectively. Any remainder will be distributed by 25;25;50 to J. A and C. The partnership cash as of this date amounted to P250,000 and its total liabilities into P307,000, excluding the loan from A. During June, noncash assets with book value of P400,000 were sold. The partnership paid P67,000 of its liabilities outside creditors. Liquidation expenses amounting to P44,000 were paid and cash withheld for payment of remaining liabilities. During July, noncash assets were sold for P432,000 resulting to a loss of P18,000. Remaining liabilities were paid and P425,000 were distributed to the partners. P5,000 were paid for liquidation expenses. 1. How much were the noncash assets sold for in June in order for A to receive the amount priority for her and an additional P7,500? a. P540,000 b. P520,000 C. 140,000 d. 419,000 2. What is C's share in the maximum possible loss after the July sale of noncash assets? a. 231,000 b. 250,000 c. 225,000 d. 251,000 3. How much cash was distributed to J in July? a. 125,500 b. 85,000 C. 106,250 d. 101,250