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B. Villanueva and Santos are about to liquidate their partnership. They each have P200.000 capital balances and they share profit and losses in a 3:1 ratio, respectively. In addition, the partnership has P250,000 in cash, P450,000 non-cash assets, and P300,000 in accounts payable. Assuming that non-cash assets are sold for P170,000 and that both partners are personally solvent, prepare a statement of liquidation. VS Partnership Statement of Liquidation December 31, 2019 Cash + Non-cash assets Accounts payable + Villanueva, Capital Santos, Capital Balances 250,000 + 300,000 = 300,000 + 200,000 200,000 A. On December 31, 2019, the Modesto and Corpuz Partnership had the following assets, liabilities and partners' equity: Assets = Liabilities + Modesto, CapitalCorpuz, Capital 1,200,000 = 150,000 + 600,000 450,000 When partners agreed to liquidate the business, the assets were sold for P900,000 and the liabilities were paid. Modesto and Corpuz share profits and losses in a 2:1 ratio, respectively. Provide answers to the following questions: 1. How much is the gain or loss on sale of non-cash assets? Indicate the amount and whether it is a gain or loss. 2. How much is the share of Modesto in your answer in number 1? 3. How much is the share of Corpuz in your answer in number 1 ? 4. How much will Modesto receive as final cash settlement? 5. How much will Corpuz receive as final cash settlement