Partners Precy, May and Anne have decided to liquidate their partnerships. The partnerships Statement of Financial Position reveals the following: Assets Liabilities and Capital Cash P 250,000 Liabilities P 300,000 Noncash Assets 2,500,000 Precy, capital (40%) 900,000 May, capital (40%) 1,200,000 Anne, capital (20%) 350,000 Total Assets P 2,750,000 Total Liabilities & Capital P 2,750,000 All partners are personally solvent. Anne received P490,000 in cash in full settlement for her share in the partnership. Requirements: 1. What was the selling price for the other assets? 2. Prepare a statement of partnership liquidation