Please help me answer and understand 34-37.

Number 34 In the liquidation of general partnership, which of the following credits shall be prioritized by the liquidating partner at the time of settlement? a. Claim of the capital partners pertaining to their capital contribution b. Claim of the industrial partners pertaining to his just and equitable share in the partnership prot 0. Claim of the partners arising from their advances made to the partnership d. Claim of the capitalist partners pertaining to their share in the partnership prot Number 35, 36 and 37 Velocity Company located at the center of the business district where rapid technologionl changes occur, experienced nancial difculties due to economic downturns and litigation losses resulting to its insolvency. Because of its inability to meet obligations as they come due the court accepted the petition and granted an order for relief. The company comes under the bankruptcy court so that any distributions will be made in a fair manner. An interim trustee was appointed by the court regarding the administration of the estate of Velocity and is to prepare a preliminary report. Presented below is its Statement of nancial Position before the start of liquidation: Cash P4,050,000 Notes Payable P 750,000 Machinery 3,750,000 Wages Payable 2,250,000 Building 7,200,000 Income tax Payable 1,500,000 Loan Payable 3,000,000 Mortgage Payable 3,750,000 Contributed capital 6,000,000 Decit (2,250,000) It is expected that administrative expenses amounting to P400,000 will be paid. The loan payable is secured by the Machinery & Equipment which is estimated to be sold at P2,250,000- The mortgage payable is fully secured by the estimated realizable value of the building. At the end of liquidation, the estimated percentage settlement to the partially secured creditor is 92%. 35. Whatistheamountofthetotalfreeassets? 1,020,000 5,170,000 4,050,000 7,500,000 P-PP'P' ACCST-FINAL EXAMINATION Page 12 36. What is the estimated gain!(loss) on the realization of the building? a. 1,120,000 b. -0- 0. (2,330,000) d. (6,080,000) 37. What is the estimated payment to all liabilities? a. 1 1 ,170,000 b. 7,420,000 0 15,000,000 d 8,920,000