Part 2 - Short Problems (60 Points) Problem - I. The laon and capital account balances of Santiago, Gorospe, Esparaguera and Rozales were as follows on September 25, 2021, the date that the partnership began liquidation: Debit Credit Loan Receivable - Esparaguera P10,000 Loan Payable - Santiago P20,000 Santiago, Capital 50,000 Gorospe., Capital 25,000 Esparaguera, Capital 70,000 Ronzales, Capital 50,000 Partnership liabilities totaled P80,000 on September 25, 2021. The partners shared profits and losses and realization gains and losses as follows: Santiago, 20%; Gorospe, 25%, Esparaguera, 30% and Ronzales, 25%. (1 ) Prepare a cash priority program. Problem - II. Partners Ong, Rodriques, Pamitan and Reyes who share profits and losses at 30%, 30%, 20% and 20%, respectively, decided to liquidate. All partnership assets are to be converted into cash. Before liquidation, the condensed statement of financial position follows: Cash P100,000 Liabilities P750,000 Other Assets 1,800,000 Rodriques, Loan 60,000 Reyes, Loan 50,000 Ong, Capital 420,000 Rodriques, Capital 315,000 Pamitan, Capital 205,000 Reyes, Capital 100,000 The noncash assets are being realized at P1,800,000. All the partners are solvent. (2) Who among the partners will require additional investment? (3) Who among them will receive in the final cash distribution? (4) What is the journal entry to record the second to the last transaction